Korean And Japanese Stock Repurchase Claims A Comparative Study

The appraisal right of Korea and Japan is that while designed to permit adoption of "U.S.-style" business law, but Korea didn't take a same way with Japan.The appraisal right is, when the majority shareholder attempts the fundamental corporate change, such as a merger and a disposition of assets, the system that the shareholders who are opposed to them sell their shares to corporations and withdraw their positions as shareholders this system has two advantages, firstly, it can protect the minority shareholder from the majority shareholder's decision. Secondly, corporations can progress the corporate transaction without conflicts between the minority shareholder and corporations that is, the appraisal right settles the tension between the minority shareholder and the majority shareholder as a method of mediating their interests.Japanese procedure for the exercise of the appraisal right is as follows the first step is the shareholder's dissent and the demand for the payment, and the last is the shareholder can petition the court for appraisal of the share.Korean procedure for the exercise of the appraisal right is as follows the first step is the shareholder's dissent and the demand for the payment, the second is the appraisal of shares and the payment in every step, the idea of the simplicity and the rapidity must be considered, the third is the shareholder can petition the "Financial Supervisory Commission" for appraisal of the share, and the last is the shareholder can petition the court for appraisal of the share.