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1、本科毕业论文（设计）外文翻译原文：TheDesignofCorporateDebtStructureandBankruptcyBankruptcylawregulatestheinteractionbetweendebtorsandcreditorswhendebtorsdefaultandthepartiescannotworkouttheirdifferencesoutsidethecourts.Thelawaddressestwomaintypesofconflicts:conflictsbetweena
2、debtorandhercreditors,andconflictsamongcreditorsthemselves.Empirically,thislattertypeofconflictisthemajorsourceofcomplexityinmodernbankruptcylaw,andhasthereforegivenrisetoasubstantialliterature,muchofwhichinlaw.Thisliteraturetypicallytakesanex-postperspectiv
3、e:howtosortoutclaimsoncethefirmisbankrupt,giventhecontractualandlegalarrangementsinplace.Butthewayex-postconflictsareresolvedalsoinfluencestheinitialfinancingandvaluationofthefirm,whichsuggeststhatthetwoproblemsshouldbeanalyzedjointly.Infact,theproblemofbank
4、ruptcyismostinterestingwhenposedinanex-anteframeworkasitraiseswhatseemslikeaparadox:ifbankruptcywithmultiplecreditorsissocomplex,whywouldafirmcontractwithseveralcreditorsinthefirstplace?Putdifferently:ifconflictsofinterestmustberesolvedexpostanyhowandthesere
5、solutionsarecostly,whycreatethemandhowstructurethemexante?Weattempttoanswerthesequestionsinanoptimalcontractingapproachtocorporatedebtandbankruptcy.Thepaperanalyzesafirm’schoiceofdebtstructureanditseffectonincentivesforstrategicdefault.Westartfromtheobservat
6、ionthatmultiplecreditorsmakecontractrenegotiationsmoredifficultandemphasizea)theex-postconflictsamongmultiplecreditors,b)thedesignofindividualclaimsandtheirimpactontheseconflictsandc)theroleofbankruptcyrulesinresolvingsuchconflictsfromanexanteperspective.Ino
7、urmodel,havingmultiplecreditorsgivesrisetopotentialex-postinefficiency,whichstemsfromfrictionsinmultilateralconflictresolution.Thiscorrespondstothewell-knowninefficienciesintheworkoutsoffinancialdistress,documented,e.g.,byAsquith,Gertner,andScharfstein(1994)
8、.However,inthespiritoftheliteratureonstrategiccapitalstructuredesign,1wenotethatthisex-postinefficiencyalsohasapositiveincentiveeffect,asitforcesthefirmtohonorseveralclaimsinsteadofonlyoneifitwa
