Some analyses of designs for efficient bankruptcy proceedings based on empirical studies from the viewpoint of the microeconomics theory

微观经济学理论视角下基于实证研究的高效破产程序设计的若干分析

基本信息

批准号：
17530240
负责人：
HIROSE Sumio
金额：
$ 1.95万
依托单位：
Shinshu University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2005
资助国家：
日本
起止时间：
2005 至 2007
项目状态：
已结题

项目摘要

This project empirically investigated effects caused by revise of bankruptcy laws in Japan. The legal system for bankruptcy processing includes various rules that restrict the rights of creditors during the process of bankruptcy proceedings. Since any alterations to these rules would change the incentives for those involved in bankruptcy processing, the stance on legal bankruptcy procedures also differs to that before the system was amended. In Japan, recently, major revisions of bankruptcy laws were made, that is to say, the enforcement of the Civil Rehabilitation Law in April 2000 and the amendment of the Corporation Reorganization Law in 2003. The Civil Rehabilitation Law is strongly influenced by procedures in Chapter 11 of the US Bankruptcy Code, and is meant to guarantee the effectiveness of corporate reconstruction. Making the legal system more advantageous to debtors could contribute to improvements in efficiency. For example, under DIP, the existing management team could be al … More lowed to remain and could be given incentives to start the reconstruction of their companies through bankruptcy proceedings before the company's value is significantly damaged.This paper attempts an analysis on such effects caused by the introduction of the Civil Rehabilitation Law. Firstly, the possibility of the efficiency improvement is analyzed through focusing on abnormal operating performance before filing for legal bankruptcy proceedings. The results confirmed that, after the enforcement of the Civil Rehabilitation Law in April 2000, financially distressed firms file for legal bankruptcy proceedings earlier than before the enforcement of the law. Secondly, using the technique of an event study, we focused on the share price changes of main banks at the time when legal procedures were applied for. The results of the event study indicates that, at least, the main banks enjoyed the effects of improved efficiency caused by the revisions of bankruptcy laws together with more rigor bank inspections by the supervisory authority.Thirdly, we investigated banks' behavior as a large lender of financially distressed firms. The results of analysis indicates that in cases where the leading creditor bank's amount of loans to the debtor was high, a debt relief agreement would be reached in a way favorable to the shareholders of the debtor company with portions of risks against additional financial loss transferred from the debtor to its leading creditor bank. Less

本项目实证研究了日本破产法修改所造成的影响。破产处理的法律制度包括在破产程序过程中限制债权人权利的各种规则，因为这些规则的任何修改都会改变参与方的动机。在破产处理方面，对法定破产程序的态度也与制度修改前有所不同。日本最近对破产法进行了重大修改，即2000年4月实施的《民事再生法》及其修正案。的2003年公司重组法。《民事重整法》深受美国破产法第11章程序的影响，旨在保证公司重组的有效性，使法律制度对债务人更加有利，有助于提高效率。例如，在DIP下，现有的管理团队可以被允许留下来，并可以得到激励，在公司价值受到重大损害之前通过破产程序开始重建公司。本文尝试分析这种影响首先，通过在申请法定破产程序之前关注异常经营绩效来分析提高效率的可能性。结果证实，2000年4月《民事再生法》实施后，财务上的效率提高了。其次，我们采用事件研究的方法，关注了申请法律程序时主要银行的股价变化情况。事件研究表明，在至少，主要银行享受到了破产法修订以及监管机构更加严格的银行检查所带来的效率提高的效果。第三，我们调查了银行作为陷入财务困境的企业的大型贷款人的行为。分析结果表明。在主要债权银行向债务人提供的贷款金额较高的情况下，将以有利于债务人公司股东的方式达成债务减免协议，并将额外财务损失的部分风险从债务人转移至主要债权银行债权人银行.Less