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为什么需要破产法?不同破产程序对股东、经理、债权人的行为有何影响?现有的破产法是如何运作的,它符合经济学的效率标准吗?如果不符合,可能的改革方案是什么?这是本文介绍的西方破产理论的主要内容。破产法试图以一种有序的方式将破产企业的资源转移到价值最高的用途中去,现代破产法更多地偏向于债务人,造成对事前约定的偿债次序的违反,这种违反对经理的投资行为在不同时期产生了不同的影响,有利有弊。同时,现代破产法还造成债权人之间冗长的讨价还价,产生巨大的直接成本和间接成本。对现有破产法的不满,经济学家提出了可能的改革方案,包括拍卖程序和选择权重整程序。
Why Bankruptcy Law? How Different Bankruptcy Processes Affect Shareholders, Managers, Creditors? How does the existing bankruptcy law work? Does it comply with the efficiency standards of economics? What are the possible reform options if not? This is the main content of the western bankruptcy theory introduced in this paper. The insolvency law seeks to divert the resources of the insolvent enterprise to the highest value uses in an orderly manner, and the modern insolvency law places a greater premium on the debtor, resulting in a breach of the agreed prior order of repayment of debt, a violation of which the manager Investment behavior in different periods have had different effects, there are pros and cons. At the same time, the modern insolvency law has also caused lengthy bargaining among creditors, generating significant direct and indirect costs. Dissatisfied with the existing bankruptcy law, economists have proposed possible reforms, including auction procedures and options reorganization procedures.