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IPO注册制改革使上市公司破产成为一种必然。其偿债能力是一个动态变化的过程。不同时期债权人和债务人对法律制度的需求有所不同,其法律制度的效用也迥异。通过法经济学对法律制度的供需和效用进行分析,当上市公司资产大于负债时,法律制度的供给应着眼于上市公司的监管制度设计,实现“有为政府”与“有效市场”的均衡。当资产等于和小于负债时,应当增加其破产制度安排,并进一步加强信息披露,满足上市公司与债权人的制度需求。
The reform of IPO registration system has made bankruptcy of listed companies inevitable. Its solvency is a dynamic process. The demands of legal system by creditors and debtors in different periods are different, and their legal systems have different utility. Through the analysis of the supply and demand and the utility of the legal system through law and economics, when the assets of listed companies exceed the liabilities, the supply of the legal system should focus on the design of the supervision system of listed companies and realize the effective government of Equilibrium. When the assets are equal to or smaller than the liabilities, the bankruptcy system arrangements should be increased, and the information disclosure should be further strengthened to meet the system requirements of listed companies and creditors.