A Reorganization Theory Based on Chinas New Enterprise Bankruptcy Law

摘要：

This paper models the going concern decision of a financially distressed firm in reorganization to study its reorganization conditions. We find that the negotiation platform provided by the statutory reorganization can contribute to the elimination of inefficient decisions existing in out-of-court workouts, which demonstrates that the reorganization procedure is a Pareto efficient institutional arrangement. If the bargaining cost of debt forgiveness exceeds dispersive creditors abandoned value in reorganization, then the senior banks DIP financing may be conducive to the Pareto improvement of the debtors reorganization.

关键词： Financial distress Bankruptcy Reorganization Liquidation

作者: Li Gang Wan Wei Zeng Yong

作者单位: Li Gang and Wan Wei are doctor students, Zeng Yong is a professor and doctor tutor. All in theSchool of Management and Economics, University of Electronic Science and Technology of China,Chengdu, China

会议类型: 国际会议

会议名称: The 1st International Conference on Sustainable Construction & Risk Management(首届可持续建设与风险管理国际会议)

会议地点: 重庆

会议语种:英文

页码: 1339-1343

在线出版日期: 2010-06-12（万方平台首次上网日期，不代表论文的发表时间）