??????Who Owns Firms ?

1
??????
2006?????????????? ?????

• ???
• ??????????????????????????

2
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3
??????Who Owns Firms ?
???? ?????
-???? ???/???????
????
-???? ???/?????????
-???? ????????
????
-? ???????
???? ????????
-?????
-?????
?????? ????? ???????? paying too much
4
????

• ????????????????????(residual claim)
• ???????????????
• ????????????,????????????????,???????????????????
• ????????????????????????????????????????????,?????
  ??? (shareholder activism)?

5
?????????????-Korea
6
????????????-Korea
???? ?????????? ??????????
???? ????2??? ????2???
IPO???????????? 2005?1? 2007?1?
???????????? 2005?1? 2007?1?
????????? 2005?1? 2005?1?
????????? 2005?1? 2007?1?
7
?????????????-Korea
????? ??????? ???????
?????? 1(0.5),6?? 0.01,6??
??????????? 1(0.5),6?? 0.5(0.25),6??
??????? 1(0.5),6?? 0.05(0.025),6??
?????? 3(1.5),6?? 0.1(0.05),6??
??????????? - 3,6??
???????? - 1,6??
????????? - 1,6??
()????1????????????????
8
PSPD????????-Korea
9
??????????

• ????????
• ??????
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• ??????????