인적분할 물적분할 뜻 차이점, 파마리서치 사례로 본 주가 폭락 사태

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인적분할 물적분할 뜻 차이점, 파마리서치 사례로 본 주가 폭락 사태

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<p><b style="font-weight:normal;" id="docs-internal-guid-e0f149bc-7fff-cf39-dd76-f78e9abd9173"><br></b></p><h2 dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:18pt;font-family:'Google Sans',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">인적분할 물적분할 뜻 차이점, 파마리서치 사례로 본 주가 폭락 사태</span></h2><p><b style="font-weight:normal;"><br></b></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">안녕하세요, 급변하는 주식 시장에서 기업의 분할 이슈는 늘 중요한데요. 특히 최근 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치 인적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 사태는 많은 분들의 이목을 집중시켰습니다. 왜 인적분할 소식에 주가가 급락하고 시가총액 1조 원이 증발하는 충격적인 일이 발생했을까요?&nbsp;</span></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">오늘은 인적분할과 물적분할의 뜻과 차이점을 파마리서치 사례를 통해 상세히 봐볼려고 합니다. 이번 파마리서치 사례를 다들 어떻게 생각하시나요?</span></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><a href="https://www.youtube.com/watch?v=lra7ghFCFpU" style="text-decoration:none;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">https://www.youtube.com/watch?v=lra7ghFCFpU</span></a></p><p><b style="font-weight:normal;"><br></b></p><hr><h3 dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:13.999999999999998pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">목차</span></h3><p><b style="font-weight:normal;"><br></b></p><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;"><li dir="ltr" style="list-style-type:decimal;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치 인적분할, 무엇이 문제였을까요?</span></p></li><li dir="ltr" style="list-style-type:decimal;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">인적분할 vs. 물적분할: 뜻과 핵심 차이점</span></p></li><li dir="ltr" style="list-style-type:decimal;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치 사례로 본 '중복상장'의 위험과 '주가 디스카운트'</span></p></li><li dir="ltr" style="list-style-type:decimal;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">대주주 승계와 분할의 관계: 숨겨진 의도 파악하기</span></p></li><li dir="ltr" style="list-style-type:decimal;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Q&amp;A: 실무자들이 궁금해할 질문과 답변</span></p></li></ol><hr><h3 dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:13.999999999999998pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">1. 파마리서치 인적분할, 무엇이 문제였을까요?</span></h3><p><b style="font-weight:normal;"><br></b></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Q. 파마리서치 인적분할 발표가 왜 주가 폭락을 초래했을까요?</span></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">A.</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 2025년 6월 13일, </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">는 핵심 사업인 에스테틱 사업(리즈란딩 등)을 신설 법인 '파마리서치'로 분리하고, 기존 법인을 투자 지주회사인 '파마리서치 홀딩스(가칭)'로 전환한다고 발표했습니다. 여기까지는 일반적인 인적분할처럼 보일 수 있으나, 문제는 이후 계획에 있었습니다. 바로 파마리서치 홀딩스가 신설 파마리서치를 지배하기 위해 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">'현물 출자 유상증자'</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 방식을 사용하겠다고 밝힌 점입니다.</span></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">이는 겉으로는 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">인적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">의 형식을 띠지만, 실상은 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">물적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">과 동일한 효과를 야기하며 심각한 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">'중복상장'</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 문제를 일으킵니다. 핵심 사업을 떼어낸 존속 법인(파마리서치 홀딩스)의 주가는 당연히 디스카운트(할인)될 수밖에 없습니다. 실제로 발표 직후 주가가 폭락하며 시가총액이 1조 원 넘게 증발하는 사태가 벌어졌습니다. 이는 기존 주주, 즉 소액 주주들에게 막대한 손실을 안겨주는 결과로 이어졌습니다.</span></p><p><b style="font-weight:normal;"><br></b></p><hr><h3 dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:13pt;font-family:'Google Sans',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">2. 인적분할 vs. 물적분할: 뜻과 핵심 차이점</span></h3><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">회사를 둘로 나누는 기업 분할에는 크게 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">인적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">과 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">물적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">이 있습니다. 두 방식은 주주들에게 미치는 영향이 극명하게 다르므로 그 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">뜻</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">과 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">차이점</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">을 정확히 이해하는 게 중요합니다.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">구분:</span></p><ul style="margin-top:0;margin-bottom:0;padding-inline-start:48px;"><li dir="ltr" style="list-style-type:disc;font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;" aria-level="1"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">인적분할:</span></p></li><ul style="margin-top:0;margin-bottom:0;padding-inline-start:48px;"><li dir="ltr" style="list-style-type:circle;font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;" aria-level="2"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">뜻:</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 기존 회사 A를 A'와 B'로 나누고, </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">기존 주주들이 두 회사의 주식을 지분율에 따라 모두 나눠 갖는</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 방식입니다.</span></p></li><li dir="ltr" style="list-style-type:circle;font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;" aria-level="2"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">주주 영향:</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 주주들은 분할된 두 회사의 주식을 모두 소유하게 되어, 이론적으로는 주가 하락 없이 기업 가치를 온전히 누릴 수 있습니다.</span></p></li><li dir="ltr" style="list-style-type:circle;font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;" aria-level="2"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치 적용:</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 겉으로는 인적분할이지만, 현물 출자로 물적분할과 유사한 모자회사 지배구조를 만들려 합니다.</span></p></li></ul><li dir="ltr" style="list-style-type:disc;font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;" aria-level="1"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">물적분할:</span></p></li><ul style="margin-top:0;margin-bottom:0;padding-inline-start:48px;"><li dir="ltr" style="list-style-type:circle;font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;" aria-level="2"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">뜻:</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 기존 회사 A가 특정 사업 부문을 떼어내 자회사 B를 설립하고, </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">A가 B의 주식을 100% 소유하는</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 방식입니다.</span></p></li><li dir="ltr" style="list-style-type:circle;font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;" aria-level="2"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">주주 영향:</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 주주는 여전히 A 회사 주식만 보유하며 B 회사 주식을 직접 받지 못합니다. 자회사 상장 시 모회사 주가가 디스카운트될 가능성이 큽니다.</span></p></li><li dir="ltr" style="list-style-type:circle;font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;" aria-level="2"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:30pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치 적용:</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 파마리서치의 경우, 인적분할 후 현물 출자를 통해 실질적으로 물적분할과 같은 중복상장 효과를 노린다는 비판을 받습니다.</span></p></li></ul></ul><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">실무 팁:</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 기업 분할 공시를 접할 때는 단순히 '인적분할'인지 '물적분할'인지만 볼 게 아니라, 분할 이후의 지배구조 변화, 특히 모자회사 관계 형성 여부를 면밀히 살펴보셔야 합니다.</span></p><hr><p><b style="font-weight:normal;"><br></b></p><h3 dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:13.999999999999998pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">3. 파마리서치 사례로 본 '중복상장'의 위험과 '주가 디스카운트'</span></h3><p><b style="font-weight:normal;"><br></b></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Q. 파마리서치 분할이 왜 '중복상장' 문제로 이어지며 '주가 디스카운트'를 유발할까요?</span></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">A.</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 앞서 설명드렸듯, </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">는 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">인적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 후 현물 출자를 통해 존속 법인이 신설 법인을 지배하는 구조를 만들려고 합니다. 이는 핵심 사업을 떼어낸 자회사가 다시 상장되는 '중복상장'으로 귀결될 가능성이 매우 높습니다.</span></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">중복상장</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">이 문제가 되는 이유는 다음과 같습니다.</span></p><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;"><li dir="ltr" style="list-style-type:decimal;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">가치 희석</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">: 하나의 기업이 두 개의 상장된 회사로 나뉘면, 투자자 입장에서는 동일한 기업 가치를 두 번에 걸쳐 평가해야 하므로 본질적인 가치가 희석될 수 있습니다.</span></p></li><li dir="ltr" style="list-style-type:decimal;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">모회사 주가 디스카운트</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">: 특히 핵심 사업을 분리한 자회사가 상장될 경우, 모회사(여기서는 파마리서치 홀딩스)는 '알짜' 사업을 잃게 되므로 그 가치가 저평가되어 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">주가 디스카운트</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 현상이 심화됩니다. 이는 기존 모회사 주주들에게 직접적인 손실로 다가옵니다.</span></p></li></ol><p dir="ltr" style="line-height:1.3799999713897704;margin-top:12pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">결국 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">의 사례는 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">인적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">이라는 포장 아래 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">물적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">과 유사한 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">중복상장</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 효과를 통해 모회사의 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">주가 디스카운트</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">를 유도한다는 비판을 피하기 어려운 상황입니다.</span></p><p><b style="font-weight:normal;"><br></b></p><h3 dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:13.999999999999998pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">4. 대주주 승계와 분할의 관계: 숨겨진 의도 파악하기</span></h3><p><b style="font-weight:normal;"><br></b></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Q. 기업 분할이 대주주의 승계와 어떤 관련이 있나요?</span></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">A.</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 이러한 방식의 기업 분할은 종종 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">대주주 승계</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 과정에서 활용될 수 있다는 우려가 제기됩니다. 주가가 낮아진 존속 회사 주식을 자녀에게 증여함으로써 상속세나 증여세를 줄이는 편법으로 활용될 수 있기 때문입니다.</span></p><ul style="margin-top:0;margin-bottom:0;padding-inline-start:48px;"><li dir="ltr" style="list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12.75pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">상속세/증여세 절감</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">: 기업 분할로 인해 모회사의 주가가 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">디스카운트</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">되면, 대주주가 보유한 모회사 주식의 가치도 낮아집니다. 이 시점에 자녀에게 주식을 증여하면 낮은 가치를 기준으로 세금이 부과되므로, 전체적인 상속세나 증여세 부담을 줄일 수 있습니다.</span></p></li><li dir="ltr" style="list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12.75pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">지배력 강화</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">: 동시에 자회사를 통해 핵심 사업에 대한 지배력을 유지할 수 있어, 사실상 저렴한 비용으로 기업 전체에 대한 지배권을 승계하는 효과를 얻게 됩니다.</span></p></li></ul><p dir="ltr" style="line-height:1.3799999713897704;margin-top:12pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">의 이번 분할 계획 또한 이러한 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">대주주 승계</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 작업과 무관하지 않다는 의심의 눈초리를 받고 있습니다. 회계/세무 실무자로서 기업의 분할 목적과 그 이면에 숨겨진 의도를 파악하는 것이 매우 중요합니다.</span></p><p><b style="font-weight:normal;"><br></b></p><h3 dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:13.999999999999998pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">5. Q&amp;A: 실무자들이 궁금해할 질문과 답변</span></h3><p><b style="font-weight:normal;"><br></b></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Q. 이번 파마리서치 사태와 같은 쪼개기 상장에 대해 정부나 시장은 어떤 입장을 가지고 있나요?</span></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">A.</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 이러한 '쪼개기 상장'은 '코리아 디스카운트'의 주요 원인 중 하나로 지목되며 정부 차원에서도 개선을 추진 중입니다. 특히 과거 이재명 대통령 후보 시절부터 이러한 형태의 기업 분할에 대한 비판적 입장이 강조되기도 했습니다. 상법 개정 전 '막차 타기'라는 의혹과 함께 법적 리스크까지 제기되고 있는 상황입니다. </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 또한 7월 9일 오전 10시 온라인 IR을 통해 이번 인적분할에 대해 해명할 예정이오니, 해당 자료를 참고하시면 좋을 것 같습니다.</span></p><hr><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치 인적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 사례는 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">인적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">과 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">물적분할</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">의 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">뜻</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">과 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">차이점</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">을 넘어, 기업 분할이 주주 가치와 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">대주주 승계</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">에 미치는 복합적인 영향을 보여주는 중요한 케이스입니다. 핵심은 단순히 분할 방식의 명칭이 아니라, 분할 후의 실질적인 지배구조와 주주에게 미치는 영향이라는 점을 기억해야 합니다.</span></p><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">회계 및 세무 실무자 여러분께서는 다음과 같은 사항을 유의하시길 바랍니다.</span></p><ul style="margin-top:0;margin-bottom:0;padding-inline-start:48px;"><li dir="ltr" style="list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12.75pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">공시 내용 면밀히 분석:</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 기업 분할 관련 공시가 나올 경우, 분할 방식뿐 아니라 분할 후 지배구조(특히 모자회사 관계 형성 여부), 현물 출자 계획 등을 꼼꼼히 살펴보십시오.</span></p></li><li dir="ltr" style="list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12.75pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:0pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">'중복상장' 가능성 진단:</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 신설 법인의 재상장 가능성과 그로 인한 기존 회사의 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">주가 디스카운트</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 위험을 예측하는 것이 중요합니다.</span></p></li><li dir="ltr" style="list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;margin-left: -12.75pt;" aria-level="1"><p dir="ltr" style="line-height:1.3799999713897704;margin-top:0pt;margin-bottom:6pt;" role="presentation"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">대주주 의도 파악 노력:</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 표면적인 분할 목적 외에 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">대주주 승계</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 등 숨겨진 의도가 있을 가능성을 염두에 두시고, 관련 세법 및 규정 변화를 지속적으로 모니터링해주세요.</span></p></li></ul><p dir="ltr" style="line-height:1.3799999713897704;margin-top:12pt;margin-bottom:12pt;"><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">이번 </span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">파마리서치</span><span style="font-size:11pt;font-family:'Google Sans Text',sans-serif;color:#1b1c1d;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> 사태는 기업의 의사 결정이 투명하고 공정하게 이루어지는지, 주주 가치를 훼손하지는 않는지, 우리 모두가 지속적으로 감시하고 관심을 기울여야 한다는 점을 다시 한번 일깨워줍니다. 실무에 도움이 되셨기를 바랍니다.</span></p><p><br>&nbsp;</p>

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