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1 1 ) 18 (2002.8) Legal A spects of International J oint Ventures * I. II. III. IV. 1 )*

2 I.. (foreign direct inv estment : FDI) (foreign indirect inv estment ).,,,. (joint venture: JV ).. 1) (partnership JV ) (corporate JV ). 2).,,..,. 3) 1), ( 2 ),, 2001, ) (equity JV) (contract JV). Stephen P.H. Johnson, "Negotiating and Drafting International Contract Joint Ventures", N eg otiating and S tructuring I nternational Com m ercial T ransactions: L egal A naly sis with Samp le A g reem ent, Shelly P. Battram and David N. Goldsw eig (ed), American Bar Association, 1991, p ),,

Johnson, "Negotiating and Drafting International Contract Joint Ventures", N eg otiating and S tructuring I nternational Com m

3 IMF 4)..,. II. 1..., (KOT RA ). 5) 4) ,, KOT RA (KISC) (IR management ) ,852, ,541, , ,647. 5) 5 8 (FDI),,,

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7 ), 9),.,. (multi- netting, ) ). (mobility ).,. (multinational corporation : MNC) 8), 2 ( ), < / w ww.mofe.go.kr/ mofe2/ html/ mainindex_search.php3> 9), %. 10) (2000.1)

(multinational corporation : MNC) 8), 2 ( ), 2000.12.15.

8 .,.,,. (MNC),. (FDI)., (competition and concentration ) (non - FDI flow s ) (FDI flow s ). 11) (FDI). 1994, ) Pieter Bottelier, "T he Role of F oreign Direct Investment and Multinational Corporations in China ' s Developm ent - China ' s Response t o the Asian Crisis", China F air for International Investment and T r ade, Xiam en, China, Sept. 8-11, < / w ww.w orldbank.org/ html/ extdr/ offrep/ eap/ pgsp htm > - 7 -

' s Developm ent - China ' s Response t o the Asian Crisis", China F air for International Investment and T r ade,

9 (cross - border mergers and acquisition s : M&A ). (United Nation s Conference on T rade and Dev elopment : UNCT AD) 1998,, FDI 4,604, 1,659, %, 3.8%, 5.4%,. 12) ( Greenfield FDI ), 1980 M&A. M&A.,,.,. 1990,. (Multilateral A greement on Inv estment : MAI) 13). 12) UNCT AD, W orld I nves tm ent R ep ort ) 1991 (OECD) (CIME) (CMIT ) OECD MAI, OECD EU, WT O ( ) OECD, (NGO) MAI

4%,. 12) 1950 1970 ( Greenfield FDI ), 1980 M&A. M&A.,,.,. 1990,.

10 III. 1. (int ernational joint v enture) (comparativ e adv antage) (synergy effect ).,,,,,..,. (International Finance Corporation : IF C),. 14). 85% 6, 20% ),,, (IFC) Robert Miller, Jack Glen, Fred Jaspersen and Yannis Karmokolias, "International Joint Ventures in Developing Countries : Happy Marriages?", I F C D iscuss ion P ap er No.29, W orld Bank, < / ww w.w orldbank.org/ fandd/ english/ 0397/ articles/ htm >. < / ww w.ifc.or g/ economics/ pubs/ dp29/ dp29.pdf> - 9 -

Robert Miller, Jack Glen, Fred Jaspersen and Yannis Karmokolias, "International Joint Ventures in Developing Countries : Happy

11 . (JV ) (equity structure) 80%, 78%, 45%, (st affing issue) 44%, 42%. (intellectual property ),. (v aluation problem ). (tran sparency ),. (conflict resolution ). (m anagem ent respon sibility ). (management independence). (owner ship structure),. (MNC),.. (tran sfer price)

(conflict resolution ). (m anagem ent respon sibility ).

12 . 2.,,,, (JV ). 15),.,.,....,.,,, (communication ) (deadlock ),, 3., (articles of incorporation, by - law s ) 16). 15),, 1996, ) ( memorandum of association ; articles of incorporation, charter ) ( articles of association ; by- law s).,.,

13 ,. 17),,,.. 3,,,. 18) (fir st refu sal) 19).,. 20). 17). (ultra vires doctrine) (the transaction of any or all lawful business ). 18),,,, 1981, ) (335 1 ), ( ). 20) M&A. IMF.,,,.. ( ) 3., M&A

14 3.. 21) : (bu siness structure),,,.,,.. : ( ),,,. :,,,. :... (learning effect ) :. 21) IFC Discussion Paper ("Int ernational Joint Ventur es in Developing Countries") ABA ("Negotiating and Drafting International Contract Joint Ventures", pp )

Developing Countries") ABA ("Negotiating and Drafting

15 ...,,,. : (good w ill, under standing ). (cultural conflict ) : (multinationality ) (bu sines s practices ).., (communication ). (in surance) : (non - ex clu sivity clau se), ( ), (good will), (contract termination ).,. : (product s liability : PL). PL. (disput e resolution ) : (self- ex ecuting agreement )

16 . (addressing hard issue). (exit m echanism ).,. (arbitration ) (injunction ).. :.,.. (commitment ). (living document ). IV. 1. (W orld T rade Organization : WT O)

17 ,,..,, , ). WT O.,,,..,,,,. 23) 22) (KOT RA ), ( ), , ) ( ).,,..,,

18 ( ) ) (Equity JV )..,,,,, ( ) ( )., (Contractual JV )., 25).... 9, , , ) %. KOT RA, )

,,, ( ) ( ).,.. 1988 1995 8 (Contractual JV ).

19 ..,,,,,,,,., 3.,,,.,...,, %.,.,

20 , ,.... ( ).,., 26) 26),

21 .,,. 27).,,....,..,,. 30% 27) 2,,, 1..,, 3.,,. KOT RA,, 80,

22 . 30% 50%. 70%. 28). ( ).,...., ). 28)., ) (2001.9),,,

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24 ( 2, 2 ). ( 14 ), ( 4, 9 )..,,., ( 5 ), 1999.,,. 30).. 31)..,,, ( ),, ( 30),, )

25 12, 11 2, 37, 28 ). 30% ( 2, 2 ). 3 ( )( 12, 10, 26 ). - ( )- ( / ) (, ),., ( ) ( ). ( 37, 126, 101 ). ( 37 ).,, ( 7, 158, 21, 132 ). 3 ( 42, 43, 47, 21, 31 ).... ( 3 2 )

26 ( 5 ), ( 19 2 ).,,.,, ICSI D 32)... 32) (International Center for Settlem ent of Investment Disputes). ICSID

27 , OECD, 5,, 1996.,,, 1995.,,,,, ,,,, ,, 9, , ( 2 ),, (KOT RA ), ( ), ,, 1996.,,,, 1981.,, ,, 2001., 2, Pieter Bottelier, "T he Role of F oreign Direct Inv estment and Multinational Corporation s in China ' s Developm ent - China ' s Respon se to the A sian Crisis", China F air for International Inv estment and T rade, Xiam en, China, Sept. 8-11, Stephen P.H. John son, "Negotiating and Drafting International Contract Joint Ventures", N eg otiating and S tructuring I n ternational Com m ercial T ransactions : L egal A naly s is with S amp le A g reem ent, Shelly P. Battram and David N. Goldsw eig (ed), Am erican Bar A ssociation, Robert Miller, Jack Glen, Fred Jaspersen and Yannis Karmokolias, "International Joint Ventures in Dev eloping Countries : Happy Marriages?", I F C D is cuss ion P ap er No.29, W orld Bank, Stephen Sayer, "Negotiating and Structuring International Joint Venture Agreements", 14th May < cepmlp/journal/ html/ article5-1.html> < / w w w.w orldbank.org/ fandd/ english/ 0397/ articles/ > < http :// w w w.ifc.org/ economics/ pub s/ discu ss.htm >

28 ABST RA CT Leg al A s pe ct s of Int ern ation al Joint V enture s Park, Whon Il International joint v entures are u sually formed and m anaged by domestic companies and foreign inv estors for the comm on objectiv es. T hey offer an opportunity for each partner to benefit significantly from the comparativ e advant ages of the other. Local partner s bring knowledge of the domestic market ; familiarity w ith gov ernment bureaucracies and regulation s ; understanding of local labor market s ; and existing manufacturing facilities. F oreign partners can offer advanced proces s and product technologies, management know - how, and access t o export market s. In Korea, joint v entures have been encouraged to u sher in foreign inv estors w ith foreign currency capital badly needed during the IMF financial crisis. In the meantime, Korean law s and regulation s with respect to joint v entures hav e been largely overhauled to promote foreign direct inv estment (FDI) both inbound and outbound. T hey include four types of FDI, i.e., acquisition of foreign st ock s, provision of long - term loan s, participation in joint operation s like resources dev elopment, and est ablishment of foreign offices. From the legal point of view, the formal joint venture agreement mu st be an offspring of a series of tough negotiation s bet w een dom estic and foreign partners. T hey u sually stress the long - t erm relation ship w ith the good will and dedication t o each other, and restrict the free tran sfer of st ock s. Both partner s are earnestly interested in the ow nership and management of the joint v enture. So they keep a close eye on the articles of incorporation, changes of bu siness environment, conflict resolution methods, tran sparency of accounting and other financial matter s. W hen a multinational corporation (MNC) is involv ed in the joint venture, conflict s over management strategies, marketing and other is sues t ake place more often than not betw een the MNC and local partner s

29 W e have to pay attention to joint v entures, particularly, in China and North Korea. A s witnessed in other tran sition economies, China is eagerly bringing in foreign direct investment s for the dev elopment of nation ' s economy. China encourages foreign inv estors t o est ablish ordinary joint v entures, contractual joint v entures, solely inv est ed foreign capital companies and jointly operated dev elopment companies w ith local partner s. In North Korea, how ev er, joint v entures hav e a different m eaning like contractual joint v entures in China, in w hich North Korean partners have an initiative in the management. Rather, jointly operated companies or simply proces sing - for - w age companies are recommended in view of the unpredictable legal infrastructure in North Korea. Key W ords : foreign direct investment, FDI, joint v enture, multinational corporation s, tran sition economies

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