[미코 줌인]② 지배력 지키고 현금 챙기고...'재무 연금술' 단행

Miko's strategy demonstrates how Korean companies can execute large-scale investments while minimizing shareholder dilution through exchangeable bonds and equity swaps. These derivative financial instruments enable capital efficiency improvements while simultaneously pursuing major M&A and portfolio diversification. However, expanded debt guarantees and profit/loss volatility from derivatives create structural risks that make subsidiary performance and capital recovery speed critical variables for financial stability.