CAJ | 학술논문

环状型交叉持股是由三家以上的公司依次循环持有另一家公司的若干股份而形成环状型的持股系统。根据环状型持股的公司之间是否具有控制依附关系，环状型交叉持股又可分为普通的环状型交叉持股和异质化的环状型交叉持股。普通的环状型交叉持股属于一种间接交叉持股，它在公司资本、内部治理等方面带来的危害相对比母子公司之间的直接交叉持股要低得多。但异质化的环状型交叉持股，因异化为变相的直接交叉持股，它可能产生的危害与直接交叉持股完全一样。对于异质化的环状型交叉持股应按直接交叉持股对待，应借鉴“区别对待主义”的做法对其进行规制。而对普通的环状型交叉持股，应在信息披露以及反垄断规制上予以完善。
배상형교차지고시유삼가이상적공사의차순배지유령일가공사적약간고빈이형성배상형적지고계통。근거배상형지고적공사지간시부구유공제의부관계，배상형교차지고우가분위보통적배상형교차지고화이질화적배상형교차지고。보통적배상형교차지고속우일충간접교차지고，타재공사자본、내부치리등방면대래적위해상대비모자공사지간적직접교차지고요저득다。단이질화적배상형교차지고，인이화위변상적직접교차지고，타가능산생적위해여직접교차지고완전일양。대우이질화적배상형교차지고응안직접교차지고대대，응차감“구별대대주의”적주법대기진행규제。이대보통적배상형교차지고，응재신식피로이급반롱단규제상여이완선。
Company A owns stock in Company B. Company B owns stock in Company C. Coming full circle, Company C owns stock in Company A. This is what we call“circular shareholdings”. Based on the controllable relations of dependence, circular cross -shareholdings can be divided into ordinary type and heterogeneous type. As in-direct cross-shareholding, ordinary circular shareholding brings less negative effects, which lie in capital and insider trading, than the direct shareholding that happens in mother and subsidiary company. On the other side, because of the potential effect caused by direct cross-shareholding, heterogeneous cross-shareholding will have the same negative effect as direct cross-shareholding. Therefore, heterogeneous cross shareholding should be treated as direct cross shareholding, and more regulations on ordinary circular shareholding should be established and improved upon information disclosure and anti-monopoly law.