구글의 기업공개(IPO) 사례와 한국 IPO 제도에 대한 함의

1 (IPO) IPO . 1).. , .. 1 ( 2015 8 '). 2004 (IPO) 2014 (IPO).. 2004 IPO , . (Dual-Class Common Stock Structure) Class A (1 1 ) . Class B (1 10 ) Class A .. 2014 Class C ( ) ..2) . IPO . 50 . , .. 2004 ( ) IPO . IPO . IPO . IPO Class A (1 . 1 ) Class B (1 10 ) , Class 1) ( 2015 ) (IPO): Korea Business Review, 19(2): 1-26 . 2) Class C Class A B . | 22. (IPO) IPO . A , IPO .. Class B . , Class B . Class B . Class B Class A .. Class B . , M&A . IPO , . Class A .. IPO . 2014 Class C (Capital Stock) . 2014 . (Class A Class B ) ( ') . 1 Class C 1 Class C . Class A ( GOOGL' ) Class C. ( GOOG' ) . Class C .. 2015 8 . 7 . Class A, B, C . Class B . Class A, C .. , IOT( ) .. , .. 2004 IPO 2014 .. 2013 100 . 23 |.. 1 6833 6226.. ( , 2013).. , = ' .. 2 .. 3.

2 4. 2004 IPO . IPO .. 2014 Class C (1 ) .. 5 IPO IPO .. (Tannenbaum, 2006). < 1> .. , .. (IPO) . (Bridging Finance) . | 24. (IPO) IPO . < 1> .. 1998 9 . R&D , . , , .. , 100 .. 1999 .. & 2 5 .. , .. IPO . IPO .. * Source: (2007) p. 131 < 1>..3) 1995 .. 1998 , , .. (Andreas von Bechtolsheim) .. 10 . (Susan Wojcicki) .. (Jeffrey D. Ullman) . (Ram Shriram) .. , 25 .. 10 .. , . (Sequoia Capital) & (Kleiner Perkins Caufield &. Byers) 1999 6 2,500 .. , . 3) Vise and Malseed (2005) Levy (2011) . 25 |.. , .. (Vise and Malseed, 2005). & . 1250 10% .. , .. (Novell) (Eric Schmidt) CEO ..4). IPO 2001 .. 2003 9 6,200 1 500 .. IPO 2000 ' IT . , IPO . (Karlgarrd, 2003). IPO .. , .. , . (Vice and Malseed 2005, 168-9). 4) 2001 3 9 CEO . 2011 CEO . CEO (Executive Chairman).

3 | 26. (IPO) IPO . , '(Hiding Strategy)' .. 500 .. , 2004 1,000 . 500 . IPO .. 500 IPO .. IPO .. IPO .. , (Schmidt, 2010: 109).. (Vogelstein and Mero, 2003).. & . IPO . (Economist, 2004a). IPO . (Levy, 2011).. : . IPO (Privately-Held Company) (Publicly Listed Company) .. IPO ( ) .. IT IPO .. , . (Block holder) .. IT . 27 |.. IPO . IPO.. (Vogelstein and Lashinsky, 2004;. Bennis, 2004). IPO .. (Underpricing) (Oversubscription) . ( ) .. ( . ) .. (Alavi et. al., 2008).. , .. (Boulton, Smart, and Zutter, 2010).. (M&A) (Brennan and Franks, 1997). ( 1 1 ) . (Dual Class shares) (Book Building) . (Auction) IPO .. Class A (1 1 ) Class B (1 10 ) . Class B .. IPO . IPO . , .. | 28. (IPO) IPO .. , ..5).. (Standard Structure of Public Ownership) . (Page and Brin 2004).

4 ( ) .. (Prospectus) - - .. IPO .. , ( ) .. , 1 . 1 Class A 1 10 Class B . , Class A . 1.. IPO . (Book Building) .6) .. ( ) .. , . , . 5) Google inc. (2004a), Form S-1 Registration Statement . IPO . (SEC) Form S-1 Registration Statement . 6) Corr (2006); AnandIs (2005); Hensel (2005) . 29 |.. , .. 1933 (Securities Act of 1933) . (SEC) .. (Quiet Period) . 3 4 .. (Offering Price) .. , .. ( . ) .. (Hild, 2008).7).. 2 , 1 . 5 .. 30 50 . 7 13% .. (Hess, 2005). 7) .. 310 (Charpelle, 2004).. 1999 9 . (Kite, 2004). | 30. (IPO) IPO . < 2> .. ( ).. * Source: Choo (2005: 417). 2004 4 29 .. 5 21 , . , . (Allen & Company), JP , UBS, WR (WR Hambrecht) . (Thomas Weisel Partners) 31 , . (Main Underwriter) ..8) 7 12 , 26 106 135.. 7 30 8 12 , 18 . 85 .. , . (Hensel, 2005).

5 IPO 10 , A(3 , 12 ), . B(2 , 11 ), C(3 , 10 5000 ), D(2 , 10 2000 ), . E(10 , 10 ), F(5 , 9 ) , . A, B, C, D 10 2000 . CEO .. , .. , .. 8) .. 31 3 . (Sidel, 2004). 31 |.. (Schmidt, 2010: 109).. (27 ) 167% 75 58 . (Economist, 2004b). IPO .. 2002 .. 1996 .. 100 .. (Randall 2002).. " (Delaney and Sidel, 2004; Delaney, 2005).. ' . ', ' . (Delaney and Sidel 2006; Foremski, London and Waters 2004; New York Times, 2004).. 7% .. 2004 . (Maestri, 2004).. (Dealogic) , (Maestri and | 32. (IPO) IPO . Baertlein, 2004).. (Economist, 2004c). 2. 1 1 . 1926 1 18 (New York Stock Exchange: NYSE) . (Non-Voting Common Stock) 1 1 . IPO . 1970 IPO . , IPO. (Special Study Group of the Committee on Federal Regulation of Securities, 2002: 1503-1506). 1 1 (Grossman and Hart, 1998).

6 , . , .. 1 1 .. , , , . ( , 2014; , 2012).9). IPO IPO .. IPO .. , .. 9) < 3> .. ( ) .. 33 |.. 30 .. ( ). , .. , .. ' ..( ). (Shareholder Activism) .. IPO .. ( ) , . , .10). Class A 1 1 , . ( - ) Class B 1 10 . , . 10) (Berkshire Hathaway) . - , , - . | 34. (IPO) IPO .. (Page and Brin, 2004). , (Dual-Class Common Stock Structure) , , , (Cumulative Voting) , , .. , (Undesignated Preferred Stock).. , (Google Inc., 2004b).. 2014 . IPO - - . (Elgin, 2004; Barker, 2004).. , 8 18 . 106 135 27% 85 95 , . 135 37% 85 .. (Delaney and Sidel, 2006).. , (Oster and Opdyke, 2004). 18% .. IT 18% . 85 .. 25%(1 ), 67%(4 ) . 35 |.. (e-Bay) .. 1 3 2006 1 .. 3 31 Class A Standard & Poor's 500 . (Gelsi, 2006). < 1> 2004 8 2016 2 24 ( 2015 ) .. 2014 4 (Class A, Class B).

7 1 (Class C) 1 Class A . 1/2 . 2016 2 24 . 1,307% 139% . 10 . 2016 2 24 Class A .. 2014 2016 2 24 Class A . ( Class A x 2) . < 1> Class A vs.. * Note: . Class A , . * Source: | 36. (IPO) IPO . < 4> (SEC) 2004 2013 . (Form 10-K) (Form 10-Q) .. IPO 1 . 2005 69% 2014 9 .. IPO . IPO Class B . Class B Class B . (2004 3 : 2005 : 84%).. Class B . Class A . 2004 3 . Class B (215,558,768 /273,415,950 ). 2014 10 (54,210,195 /339,026,379 ) .. Class B .. Class C .. < 4> . / / ( . 1) 2). ). (2004 7 31 ). 2004 2 Class B Class B Class A: 12,398,854. (IPO ) 10-Q ( )3) ( ) Class B: 162,861,743. 4). : 79,099,884. (2004 10 31 ). 2004 3 Class B Class B Class A: 57,857,182. (IPO ) 10-Q ( ) ( ). Class B: 215,558,768. (2005 3 28 ). 2004 Class A B Class B Class A: 114,754,458.

8 10-K ( ). Class B: 162,594,769. (2005 10 31 ). 2005 3 Class A B Class B 83%. Class A: 199,502,630. 10-Q (69% ). Class B: 96,045,503. (2006 2 ). Class B 84%. 2005 10-K 78% Class A: 207,095,945. (69% ). Class B: 90,141,280. 37 |.. / / ( . 1) 2). ). (2007 2 23 ). 2006 Class B 85%. 73% Class A: 230,097,376. 10-K (66% ). Class B: 80,859,822. (2008 1 31 ). 2007 Class B 88%. 70% Class A: 236,750,181. 10-K (67% ). Class B: 76,628,707. (2009 1 31 ). 2008 Class B 90%. 71% Class A: 240,289,384. 10-K (68% ). Class B: 75,004,374. (2010 29 ). 2009 Class B 90%. 70% Class A: 243,872,592. 10-K (68% ). Class B: 74,106,699. (2011 1 31 ). 2010 5) Class B 91%. - Class A: 250,869,074. 10-K (67% ). Class B: 70,653,031. (2012 1 19 ). 2011 Class B 92%. - Class A: 257,960,636.

9 10-K (66% ). Class B: 67,175,694. 6) (2013 1 23 ). 2012 Class B 92%. - Class A: 267,500,149. 10-K (65% ). Class B: 62,163,063. 6) (2014 1 31 ). 2013 Class B - Class A: 279,883,488. 10-K ( ). Class B: 56,167,343. (2014 7 17 ). 2014 2 Class B Class A: 283,356,281. - 10-Q ( ) Class B: 54,825,710. Class C: 339,209,995. (2014 10 16 ). 6). 2014 3 Class B Class A: 284,816,184. - 10-Q ( ) Class B: 54,210,195. Class C: 339,339,275. * Source: (Form 10-K) (Form 10-Q) . *Note: 1) .. 2) .. 3) . 1 3 . 2004 3 . 2004. 10. 31 . 4) Class A Class B . 5) 2010 . Class B .. 6) 2012 .. 2004 2014 4 . Class C . Class C IPO .. | 38. (IPO) IPO .. 2012 4 12 .. ' ' M&A . ' . 2010 . 2014 5 . 2010 1 . 5 500 Class B 2014 . 48% (Yarow, 2012).. Class B 5,770 . 18% , 59% . 5.

10 Class B Class A . 4,770 15% . 48% . 2009 CEO . 2014 50% .. 2012 4 . Class C . 2012 6 21 . , 2014 2014 3 27 . 2014 4 2 Class C (Google Inc. 2013: 76). Class C .. Class C .. 2013 4 Class A , . Class C .. Class B . Class B. Class A (Equal Shareholder Voting)' 1 8000 . (5 5100 ) (Summers, 2014). 2013 .. Class C . 39 |.. (Fiduciary Duties) . , . (Solomon, 2013) .. Class C .. Class C Class A .. Class C Class A .. Class C . 1 C A 1% 2% . 20% , 2% 3% 40% , 3% 4% . 60% , 4% 5% 80%. 5% A C 5% .. Class C .. Class C . Class B ( Class A ) .. M&A (Class C ) . , .. (Solomon, 2013). Class C 100% . < 5> . 3 . | 40. (IPO) IPO . < 5> Class A, B, C . Class A Class B Class C .. 1 10 . 90 30 30 . ( ) (291,261,461 ) (50,940,307 ) (345,482,241 ). Class B .. Class.