资源描述:
《对企业债务结构和破产设计【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、本科毕业论文(设计)外文翻译原文:TheDesignofCorporateDebtStructureandBankruptcyBankruptcylawregulatestheinteractionbetweendebtorsandcreditorswhendebtorsdefaultandthepartiescannotworkouttheirdifferencesoutsidethecourts.Thelawaddressestwomaintypesofconflicts:conflictsbetweenadebtorandhercre
2、ditors,andconflictsamongcreditorsthemselves.Empirically,thislattertypeofconflictisthemajorsourceofcomplexityinmodernbankruptcylaw,andhasthereforegivenrisetoasubstantialliterature,muchofwhichinlaw.Thisliteraturetypicallytakesanex-postperspective:howtosortoutclaimsoncethefir
3、misbankrupt,giventhecontractualandlegalarrangementsinplace.Butthewayex-postconflictsareresolvedalsoinfluencestheinitialfinancingandvaluationofthefirm,whichsuggeststhatthetwoproblemsshouldbeanalyzedjointly.Infact,theproblemofbankruptcyismostinterestingwhenposedinanex-antefr
4、ameworkasitraiseswhatseemslikeaparadox:ifbankruptcywithmultiplecreditorsissocomplex,whywouldafirmcontractwithseveralcreditorsinthefirstplace?Putdifferently:ifconflictsofinterestmustberesolvedexpostanyhowandtheseresolutionsarecostly,whycreatethemandhowstructurethemexante?We
5、attempttoanswerthesequestionsinanoptimalcontractingapproachtocorporatedebtandbankruptcy.Thepaperanalyzesafirm’schoiceofdebtstructureanditseffectonincentivesforstrategicdefault.Westartfromtheobservationthatmultiplecreditorsmakecontractrenegotiationsmoredifficultandemphasize
6、a)theex-postconflictsamongmultiplecreditors,b)thedesignofindividualclaimsandtheirimpactontheseconflictsandc)theroleofbankruptcyrulesinresolvingsuchconflictsfromanexanteperspective.Inourmodel,havingmultiplecreditorsgivesrisetopotentialex-postinefficiency,whichstemsfromfrict
7、ionsinmultilateralconflictresolution.Thiscorrespondstothewell-knowninefficienciesintheworkoutsoffinancialdistress,documented,e.g.,byAsquith,Gertner,andScharfstein(1994).However,inthespiritoftheliteratureonstrategiccapitalstructuredesign,1wenotethatthisex-postinefficiencyal
8、sohasapositiveincentiveeffect,asitforcesthefirmtohonorseveralclaimsinsteadofonlyoneifitwa