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기업집단 내부거래의 평가와 정책대응(Chaebol internal trading and policy responses)

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Title 기업집단 내부거래의 평가와 정책대응(Chaebol internal trading and policy responses)
Similar Titles
Material Type Reports
Author(Korean)

이재형; 박병형

Publisher

세종 : 한국개발연구원

Date 2016-12
Series Title; No 정책연구시리즈 / 2016-07
ISBN 979-11-5932-215-0
Pages 225
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Industry and Technology < Entrepreneurship
Holding 한국개발연구원; KDI국제정책대학원
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Abstract

With a market economy not yet fully mature or yet to fully function, the “chaebol” issue is a major problem for the Korean economy. A prime example of the dilemmas related to the chaebol system is internal trading, conducted, in particular, by the owner families to siphon away corporate profits. According to the findings of this study obtained through statistics analyses, chaebol affiliates with a high level of share ownership by the owner families are more prone to internal trading, and the profit margin is significantly large. This strongly implies that there is a transfer of wealth from chaebol affiliates with a low level of share ownership by the owner families to those with a high level. It is, therefore, statistically reasonable to suspect that the owner families are seeking personal gains through internal trading. To regulate illegal internal trading practices, public regulatory measures should be scaled down in the long-term, based on the premise that relevant systems will operate at an optimum level. Private enforcement should also be strengthened. For now, however, given the prevalence of internal trading by the owner families, the regulatory measures should be maintained via the government’s administrative capacity.