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对市场经济的健康发展而言,破产法具有十分重要的意义。当企业经营失败时,破产法可以将资源解放出来,重新配置到具有更高价值的用途上去。如果没有适当的破产程序对那些无生命力的企业进行处理,而任由其发展,将会引发严重的经济衰退甚至危机。在更深的层面上,破产法是实现适应性效率的重要手段(North,1992)。适应性效率意味着规则能够为获取知识和学习提供激励,诱导创新,鼓励冒险和创造性的活动,并消除错误的实验。破产法就是用于消除错误,进而实现适应性效率的规则。
For the healthy development of market economy, bankruptcy law is of great significance. When business fails, the insolvency law can liberate resources and relocate them to higher-value uses. Without the proper bankruptcy process to dispose of those non-viable businesses, allowing them to develop would trigger a severe economic recession or even a crisis. At a deeper level, bankruptcy law is an important means of achieving adaptive efficiency (North, 1992). Adaptive efficiency means that rules can provide incentives for acquiring knowledge and learning, induce innovation, encourage risk-taking and creative activities, and eliminate false experimentation. Bankruptcy law is the rule used to eliminate mistakes and thus achieve adaptive efficiency.