본 논문은 CJ그룹(2012년4월 현재 재벌 순위 14위)과 두산그룹(12위)이 어떤 과정을 거쳐 지주회사체제를 구축해 오고 있는지를 살펴보면서 주요 특징들을 정리하고 비교 분석한다.
두 그룹은 각각 5년 남짓의 짧은 기간 동안 다양한 조치를 취하면서 독자적인 지주회사체제를 구축해 오고 있다. CJ그룹의 지주회사체제는 2007년1월부터 2011년11월까지 5년 남짓의 기간 동안 6차례의 변화가 6단계에 걸쳐 진행되면서 확립되었고, 두산그룹의 지주회사체제는 2006년1월부터 2010년7월까지 4년 6개월 동안 13차례의 변화가 8단계에 걸쳐 진행되면서 확립되었다.
CJ그룹은 2007년1월 공정거래법상 지주회사체제를 부분적으로 도입하였으며 2007년9월 주력회사인 CJ(주)가 공정거래법상 지주회사로 전환되면서 그룹 전체가 본격적으로 지주회사체제를 갖추게 되었다. 2007년1월 이후 2011년11월까지 분할·회사설립(3회, 이 중 2회는 공정거래법상 지주회사 지정 수반), 합병(1회), 인수(1회), 공정거래법상 지주회사 지정(1회) 등의 변화가 일어났으며, 6단계 즉 ‘① 공정거래법상 지주회사 지정 → ② 분할 및 공정거래법상 지주회사 지정 → ③ 인수 → ④ 분할 및 공정거래법상 지주회사 지정 → ⑤ 합병 → ⑥ 분할’의 순서로 역동적으로 진행되었다.
그 결과 5개의 지주회사(CJ오쇼핑, CJ(주), 온미디어, CJ E&M, CJ게임즈)가 생겼는데, 2개(CJ오쇼핑, CJ(주))는 존속회사, 2개(CJ E&M, CJ게임즈)는 신설회사, 그리고 1개(온미디어)는 인수된 회사였다. 또 CJ오쇼핑과 CJ E&M은 CJ(주)의 자회사, 온미디어는 CJ오쇼핑(이후에는 CJ E&M)의 자회사, 그리고 CJ게임즈는 CJ E&M의 자회사였다. 즉 ‘CJ(주) → CJ오쇼핑 + [CJ E&M → 온미디어 + CJ게임즈]’의 구조였다. 5개 지주회사 중 CJ게임즈를 제외한 4개는 공정거래법상 지주회사로 지정되었으며, 이후 1개(온미디어)는 소멸되고 2개(CJ오쇼핑, CJ E&M)는 법률상 지주회사에서 제외되었다.
두산그룹은 매우 특이한 행보를 보였다. 2006년1월 ‘3년 이내 지주회사체제로의 전환’을 공식 선언한 이후 준비 단계를 거쳐 약속대로 2009년1월 공정거래법상 지주회사체제를 공식 출범시킨 것이다. 주력회사인 (주)두산은 2008년3월 목적사업에 지주기능을 추가하여 지주회사임을 명문화하였으며 2009년1월 공정거래법상 지주회사로 공식 지정되었다.
2006년1월 이후 2010년7월까지 모두 13차례의 변화가 있었는데, 9차례 변화는 2009년1월 이전의 준비 단계에서 진행되었고 나머지 4차례 변화는 2009년1월 이후의 공정거래법상 지주회사체제 기간과 관련되어 있었다. 13차례 변화는 분할·회사설립(3회, 1회는 회사매각 수반), 사업 양도(3회), 지주회사 설립(2회), 공정거래법상 지주회사 지정(2회), 합병(1회), 지주회사체제 전환 선언(1회), 지주회사 명문화(1회) 등이며, 이들은 8단계(2009년1월 이전 5단계, 이후 3단계)로 나뉘어 진행되었다: ① 지주회사체제 전환 선언 → ② 양도, 분할, 양도 → ③ 지주회사 명문화 → ④ 지주회사 설립 → ⑤ 분할, 분할·회사매각, 양도 → ⑥ 공정거래법상 지주회사 지정 → ⑦ 지주회사 설립, 공정거래법상 지주회사 지정 → ⑧ 합병.
그 결과 3개의 지주회사((주)두산, 두산모트롤홀딩스, 디아이피홀딩스)가 생겼는데, 1개((주)두산)는 존속회사 그리고 나머지 2개는 신설회사였다. 또 신설 지주회사 2개는 모두 (주)두산의 자회사였다. 3개 지주회사는 모두 공정거래법상 지주회사로 지정되었으며 이후 1개(두산모트롤홀딩스)는 소멸되었다.
CJ그룹과 두산그룹의 지주회사체제 성립과정에서 가장 빈번하게 활용된 방법이 분할이었다. 각각 세 차례씩 진행되었다. 첫째, CJ그룹에서의 분할 중 두 차례는 인적분할, 한 차례는 물적분할이었다. 두산그룹에서의 분할은 세 차례 모두 물적분할이었다. 둘째, CJ그룹는 각기 다른 세 회사(CJ(주), CJ오쇼핑, CJ E&M)가 분할된 반면 두산그룹에서는 (주)두산 1개 회사가 세 차례 분할되었다. 셋째, CJ그룹에서는 분할이 발생할 때 기존회사가 2개 회사(존속회사 1개, 신설회사 1개)로 나뉘어져 모두 6개 회사가 생겼다. 두산그룹에서는 첫 번째 분할에서는 3개 회사(존속회사 1개, 신설회사 2개)가 생기고 나머지 두 차례 분할에서는 각각 2개 회사(존속회사 1개, 신설회사 1개)가 생겨 모두 5개 회사가 관련되어 있었다. 그리고 넷째, CJ그룹에서는 세 차례 분할에서 모두 지주회사가 탄생하였다. 공정거래법상 지주회사가 2개(CJ(주), CJ E&M), 실질적 지주회사가 1개(CJ게임즈)였다. 두산그룹에서는 분할의 목적이 (주)두산의 영위사업 4개(타워, 생물, 출판, 테크팩)를 분리시키기 위함이었다.
CJ그룹과 두산그룹의 지주회사체제 성립과정에서 합병도 각각 한 차례씩 진행되었다. 첫째, 모두 흡수합병방식으로 진행되었다. 둘째, CJ그룹에서는 합병회사가 CJ E&M으로 이 회사는 2010년9월 신설된 공정거래법상 지주회사였다. 두산그룹에서의 합병회사는 이전에 세 차례 분할의 대상이었던 (주)두산이었는데, 다만 합병 당시에는 (주)두산이 공정거래법상 지주회사였던 반면 분할 때는 그렇지 않았다. 그리고 셋째, CJ그룹에서의 피합병회사는 모두 5개로 CJ E&M의 자회사 겸 공정거래법상 지주회사 1개(온미디어)와 CJ(주)의 자회사 4개였다. 두산그룹에서의 피합병회사는 2개로 (주)두산의 자회사 겸 공정거래법상 지주회사 1개(두산모트롤홀딩스)와 이 지주회사의 자회사 1개였다.
분할과 합병 이외에 CJ그룹과 두산그룹은 지주회사체제를 구축하는 과정에서 각기 다른 다양한 조치들을 취하였다. 첫째, CJ그룹에서는 1차례 인수가 진행되었고, 두산그룹에서는 신규회사 설립과 사업 양도가 각각 2차례, 3차례 있었다. 둘째, 인수와 회사 설립에는 모두 지주회사가 관련되어 있었다. CJ그룹에서는 공정거래법상 지주회사인 (주)CJ의 지회사이자 공정거래법상 지주회사인 CJ오쇼핑이 또 다른 공정거래법상 지주회사인 온미디어를 인수하였다. 두산그룹에서는 (주)두산이 자회사이자 순수지주회사인 두산모트롤홀딩스와 디아이피홀딩스를 차례로 설립하였다. 그리고 셋째, (주)두산은 자신이 영위해 오던 사업 중 3개(식품, 주류, 매거진)를 양도하였다. 모두 (주)두산이 공정거래법상 지주회사로 지정되기 이전에 진행되었다. 사업 양도는 CJ그룹에서는 일어나지 않았다.
지주회사제도는 1999년2월 재벌개혁의 일환으로 재도입되었으며 2000년1월 SK그룹 계열회사인 SK엔론(이후 SK E&S)이 공정거래법상 지주회사 제1호로 지정되었다. 이후 매년 다수의 지주회사들이 생겨났고 특히 2000년대 후반에 그 수가 급증하여 큰 흐름을 형성하고 있다. 특히 한국경제에서 절대적인 비중을 차지하고 있는 재벌들의 참여가 적극적이어서 2000년 이후 2011년까지 모두 28개 재벌들이 공정거래법상 지주회사체제를 본격적으로 또는 부분적으로 도입하였다.
재벌들이 어떤 단계를 거쳐 지주회사체제를 도입하고 구축해 오고 있는지, 각 단계에서 어떤 변화들이 어떤 방식으로 일어났는지, 각 단계에서의 변화는 어떻게 유기적으로 연결되어 진행되었는지 등에 대해서는 자세하게 밝혀진 것이 없다. 지주회사체제의 성립과정에 대한 분석은 지주회사체제의 성격과 모습을 규명하기 위한 기본적이고 필수적인 과정이며, 이런 인식 하에 본 논문에서는 CJ그룹과 두산그룹의 사례에 초점을 맞추었다. 지주회사제체의 성립과정을 본격적으로 분석한 연구는 본 논문이 처음이다.
CJ그룹과 두산그룹에서의 지주회사체제 구축 경험은 지주회사체제를 이미 도입하고 있는 재벌들에게는 좋은 비교 대상이며, 지주회사체제의 도입을 준비하고 있거나 고려 중인 재벌들에게는 좋은 본보기이자 경우에 따라서는 반면교사의 대상이 될 것으로 보인다. 본 연구를 계기로 다른 재벌들에서의 지주회사 성립과정에 대한 사례연구가 진행되고 이를 통해 ‘한국재벌과 지주회사체제’라는 큰 주제 속에서 성립과정에 대한 공통점·차이점과 장점·단점의 체계적인 비교 분석이 이루어질 수 있을 것으로 기대된다.
논문의 구성은 다음과 같다. 제2장에서는 CJ그룹과 두산그룹의 지주회사체제 성립과정을 단계별로 나누어 개관하며, 이어 이들 단계에서 일어난 주요 변화들의 구체적인 내용을 3개장으로 나누어 살펴본다. 제3장에서는 ‘회사의 분할 및 설립’, 제4장에서는 ‘합병’, 그리고 제5장에서는 ‘회사 인수, 회사 설립, 사업 양도’를 각각 분석한다. 마지막 제6장에서는 앞의 논의를 정리하면서 두 그룹에서의 지주회사체제 성립과정을 평가하고 전망한다
This paper explores the ways in which CJ Group and Doosan Group had established their respective holding company systems. The holding company system has been encouraged by the Korean Government according to the Fair Trade Act since February 1999 and, until September 2011, a total of 28 major Korean chaebols, or family-dominated business conglomerates, have been transformed into the new corporate governance system to varying degrees. As of September 2011, a total of 20 chaebols had the holding company system. The following 15 chaebols had fully-fledged systems: SK(the 3rd largest as of April 2012 among the 47 larger chaebols acknowledged by the Fair Trade Act), LG(4th), GS(8th), Hanjin(9th), Doosan(12th), LS(15th), CJ(16th), Booyoung(23rd), Hyundai Department Store(30th), Hanjin Heavy Industries(31st), Woongjin(32nd), Kolon(33rd), Hitejinro(42nd), Daesung(43rd), and Saea(44th). By conatrast, in the remaining 5 chaebols, only a small number of group companies were connected with the holding company system: Samsung(1st), Hanwha(10th), Dongbu(20th), Daehan Wire(39th) and Taegwang(46th). CJ Group and Doosan Group, which were ranked as, respectively the 12th and 16th largest chaebol as of April 2012, have been establishing their own unique holding company system since the late 2000s and, as the result, the majority of the group companies were reorganized into the new governance system. In CJ Group, the maturity ratio of the holding company system(companies within the holding company system(as of September 2011) vs. the total group companies(as of April 2011)) was 22%(14 companies vs. 64 companies) in 2007, 86%(57 vs 66) in 2008, 93%(57 vs 61) in 2009, 89%(58 vs 65), and 60%(50 vs. 84) in 2011. Similarly in Doosan Group, the maturity ratio was 85%(22 vs. 26) in 2009, 76%(22 vs. 29) in 2010, and 84%(21 vs. 25) in 2011. In CJ Group, a total of six events had taken place to shape the holding company system between January 2007 and November 2001. (1) In January 2007, the new corporate governance system began to be introduced as one of the group companies, called CJ O Shopping, became a legal holding company according to the Fair Trade Act. (2) Eight months later, in September 2007, the existing partial holding company system was transformed into a fully-fledged one as the Group's key company, called CJ Corporation, became a second legal holding company. (3) In June 2010, CJ O Shopping acquired a company belonging to Orion Group, called On Media, which was established in 2000 and had since been acknowledged by the Fair Trade Act. On Media became a third legal holding company in CJ Group. (4) In September 2010, CJ O Shopping was divided into two companies, CJ O Shopping and O Media Holdings (later CJ E&M), the latter of which became a fourth legal holding company following the existing three, namely CJ Corporation, CJ O Shopping, and On Media. (5) In March 2011, CJ E&M have merged On Media and four other companies belonging to CJ Corporation. As the result of this merger, CJ E&M proved disqualified for the status as a legal holding company and so did CJ O Shopping in June 2011 due to another reason. So, as of June 2011, CJ Corporation was the only legal holding company in CJ Group. (6) In November 2011, CJ E&M was divided into two companies, CJ E&M and CJ Games, both of which were holding companies in nature although they were not acknowledged by Fair Trade Act. By comparison, Doosan Group had established its own characteristic and unique holding company system. For this, a total of 13 events have occurred between January 2006 and July 2010. Nine of the 13 events were related to the period before January 2009, when the legal holding company system was formally introduced, while the remaining four events were after Janury 2009. The 13 events can be grouped into eight. (1) In Janury 2006, Doosan Group declared that Doosan Corporation, the Group's key company, would be transforned in the legal holding company system within three years. (2) ① In November 2006, one of the businesses belonging to Doosan Corporation, namely the food business, was sold to an outside company. ② In December 2007, two other businesses of Doosan Corporation, namely the tower and the biology businesses, were transferred to, respectively, the two newly-formed companies, called Doosan Tower Company and Doosan Feed & Livestock Company. This two companies were created throught the division of Doosan Corporation and both became son companies of Doosan Corporation. ③ In January 2008, a fourth business belonging to Doosan Corporation was transferred to one of the group companies, called Oricom. (3) In March 2008, Doosan Corporation declared that the Corporation now became a holding company in nature and, for this, a number of new businesses relating to the holding of shares were added to the existing businesses of Doosan Corporation. (4) In May 2008, Doosan Corporation established a new company, called Doosan Motrol Holdings, which was a holding company in nature. (5) ① In October 2008, a fifth business belonging to Doosan Corporation was transferred to a new company, called Doosan Donga Company, which was created a son company through the division of Doosan Corporation. ② Two months later, in December 2008, a sixth business belonging to Doosan Corporation was transferred an other new company, called Techpack Solutions Company. This new company was also created as a son company, but it was soon sold to an outside company. (6) ① In January 2009, Doosan Corporation, together with Doosan Motrol Holdings, became a legal holding company. ② In March 2009, a seventh business belonging to Doosan Corporation, namely the liquer business, was sold to an outside company. (7) ① In May 2009, Doosan Corporation created a new company, called DIP Holdings, which was a holding company in nature. ② Eight months later, in January 2010, this new company became a legal holding company following the existing two, Doosan Corporation and Doosan Motrol Holdings. (8) In July 2010, Doosan Corporation merged two companies, namely Doosan Motrol Holdings and the latter's son company Doosan Motrol. This paper analyzed and, then compared with each other, the main features of the ways in which CJ Group has established a unique holding company system between 2007 and 2011 on one hand and Doosan Group another unique holding company system between 2006 and 2010 on the other. By doing so, the paper intend to provide the basic information and data for in-depths analyses of the key issues connected with the holdign company systems in the two Groups such as, among others, the ways in which both ownership and management structures have changed before and after the introduction of the holding company system.
This paper explores the ways in which CJ Group and Doosan Group had established their respective holding company systems. The holding company system has been encouraged by the Korean Government according to the Fair Trade Act since February 1999 and, until September 2011, a total of 28 major Korean chaebols, or family-dominated business conglomerates, have been transformed into the new corporate governance system to varying degrees. As of September 2011, a total of 20 chaebols had the holding company system. The following 15 chaebols had fully-fledged systems: SK(the 3rd largest as of April 2012 among the 47 larger chaebols acknowledged by the Fair Trade Act), LG(4th), GS(8th), Hanjin(9th), Doosan(12th), LS(15th), CJ(16th), Booyoung(23rd), Hyundai Department Store(30th), Hanjin Heavy Industries(31st), Woongjin(32nd), Kolon(33rd), Hitejinro(42nd), Daesung(43rd), and Saea(44th). By conatrast, in the remaining 5 chaebols, only a small number of group companies were connected with the holding company system: Samsung(1st), Hanwha(10th), Dongbu(20th), Daehan Wire(39th) and Taegwang(46th). CJ Group and Doosan Group, which were ranked as, respectively the 12th and 16th largest chaebol as of April 2012, have been establishing their own unique holding company system since the late 2000s and, as the result, the majority of the group companies were reorganized into the new governance system. In CJ Group, the maturity ratio of the holding company system(companies within the holding company system(as of September 2011) vs. the total group companies(as of April 2011)) was 22%(14 companies vs. 64 companies) in 2007, 86%(57 vs 66) in 2008, 93%(57 vs 61) in 2009, 89%(58 vs 65), and 60%(50 vs. 84) in 2011. Similarly in Doosan Group, the maturity ratio was 85%(22 vs. 26) in 2009, 76%(22 vs. 29) in 2010, and 84%(21 vs. 25) in 2011. In CJ Group, a total of six events had taken place to shape the holding company system between January 2007 and November 2001. (1) In January 2007, the new corporate governance system began to be introduced as one of the group companies, called CJ O Shopping, became a legal holding company according to the Fair Trade Act. (2) Eight months later, in September 2007, the existing partial holding company system was transformed into a fully-fledged one as the Group's key company, called CJ Corporation, became a second legal holding company. (3) In June 2010, CJ O Shopping acquired a company belonging to Orion Group, called On Media, which was established in 2000 and had since been acknowledged by the Fair Trade Act. On Media became a third legal holding company in CJ Group. (4) In September 2010, CJ O Shopping was divided into two companies, CJ O Shopping and O Media Holdings (later CJ E&M), the latter of which became a fourth legal holding company following the existing three, namely CJ Corporation, CJ O Shopping, and On Media. (5) In March 2011, CJ E&M have merged On Media and four other companies belonging to CJ Corporation. As the result of this merger, CJ E&M proved disqualified for the status as a legal holding company and so did CJ O Shopping in June 2011 due to another reason. So, as of June 2011, CJ Corporation was the only legal holding company in CJ Group. (6) In November 2011, CJ E&M was divided into two companies, CJ E&M and CJ Games, both of which were holding companies in nature although they were not acknowledged by Fair Trade Act. By comparison, Doosan Group had established its own characteristic and unique holding company system. For this, a total of 13 events have occurred between January 2006 and July 2010. Nine of the 13 events were related to the period before January 2009, when the legal holding company system was formally introduced, while the remaining four events were after Janury 2009. The 13 events can be grouped into eight. (1) In Janury 2006, Doosan Group declared that Doosan Corporation, the Group's key company, would be transforned in the legal holding company system within three years. (2) ① In November 2006, one of the businesses belonging to Doosan Corporation, namely the food business, was sold to an outside company. ② In December 2007, two other businesses of Doosan Corporation, namely the tower and the biology businesses, were transferred to, respectively, the two newly-formed companies, called Doosan Tower Company and Doosan Feed & Livestock Company. This two companies were created throught the division of Doosan Corporation and both became son companies of Doosan Corporation. ③ In January 2008, a fourth business belonging to Doosan Corporation was transferred to one of the group companies, called Oricom. (3) In March 2008, Doosan Corporation declared that the Corporation now became a holding company in nature and, for this, a number of new businesses relating to the holding of shares were added to the existing businesses of Doosan Corporation. (4) In May 2008, Doosan Corporation established a new company, called Doosan Motrol Holdings, which was a holding company in nature. (5) ① In October 2008, a fifth business belonging to Doosan Corporation was transferred to a new company, called Doosan Donga Company, which was created a son company through the division of Doosan Corporation. ② Two months later, in December 2008, a sixth business belonging to Doosan Corporation was transferred an other new company, called Techpack Solutions Company. This new company was also created as a son company, but it was soon sold to an outside company. (6) ① In January 2009, Doosan Corporation, together with Doosan Motrol Holdings, became a legal holding company. ② In March 2009, a seventh business belonging to Doosan Corporation, namely the liquer business, was sold to an outside company. (7) ① In May 2009, Doosan Corporation created a new company, called DIP Holdings, which was a holding company in nature. ② Eight months later, in January 2010, this new company became a legal holding company following the existing two, Doosan Corporation and Doosan Motrol Holdings. (8) In July 2010, Doosan Corporation merged two companies, namely Doosan Motrol Holdings and the latter's son company Doosan Motrol. This paper analyzed and, then compared with each other, the main features of the ways in which CJ Group has established a unique holding company system between 2007 and 2011 on one hand and Doosan Group another unique holding company system between 2006 and 2010 on the other. By doing so, the paper intend to provide the basic information and data for in-depths analyses of the key issues connected with the holdign company systems in the two Groups such as, among others, the ways in which both ownership and management structures have changed before and after the introduction of the holding company system.
