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    题名: 公司重整或暫緩清償之決策
    The Choice Between Reorganization and Deferred Payment for Troubled Business
    作者: 蔡佩欣
    贡献者: 王智賢
    蔡佩欣
    关键词: 財務危機
    破產
    公司重整
    暫緩清償
    finacial distress
    bankruptcy
    reorganization
    deferred payment
    日期: 2007
    上传时间: 2009-09-18 11:01:17 (UTC+8)
    摘要: 隨著經濟市場自由競爭和資本主義的高度發展,一個良好、健全的破產制度是維持國家金融秩序和經濟穩定的重要環節。實務上,當公司陷入財務困難時,通常在進入正式的破產程序前會要求與往來銀行協議非正式的暫緩還款安排。本文以探討小型企業為目標,藉由賽局模型的設定建立兩種制度,並用逆向求導法由最後一期開始求解。討論當企業發生財務危機時,優先與債權銀行協議暫緩清償,將還款日期延至一期投資計畫所需的時間結束之後,與直接進入破產程序,何者才是最適策略。
    Through the free competition of the market and the highly development of capitalism, a solid and sound bankruptcy system is a crucial pillar to sustain the stability of economy and to preclude the financial market from serious crash as well. In practice, usually a firm in financial distress would negotiate with banks an informal arrangement of deferred payment rather than go into a formal bankruptcy process directly. In this paper we focus our study on small firms and set up two systems by means of building model of game theory. Furthermore, we utilize backward induction, which starts from the last period, to obtain the solution. More specifically speaking, we discuss the optimal strategy for distressed firms choosing between a debt negotiation in which the payment date is postponed for one period and going bankruptcy.
    參考文獻: 王文宇
      1999 〈我國公司重整法制之檢討與建議〉,《金融財務》
        4:59-70。
    王南華
     2003 《參加OECD在泰國舉辦之「亞洲國家破產機制改革」研討會報告》,中央存款保險公司。
    黃虹霞
      2002 〈公司重整制度之檢討」,《月旦法學雜誌》 85:
         193-210。
    鄭憲成
      2004 〈公司重整法律現況與建議-兼論債權銀行應積極面對公司重整以提高債權回收效益〉,《台灣經濟金融月刊》 40(12):14-28。
    劉紹樑
      2006 〈再造企業破產與重整法制-兼論聯合國立法原則〉,《經社法制論叢》 37:1-33。
    謝易宏
      2004 〈從「倫敦模式」探討我國企業重整之法律佈局〉,《月旦法學》 106:56-72。
    羅建勛
      1989 〈我國公司重整制度之檢討與建議〉,《經社法制論叢》 3:171-204。
    Ayotte, K.
      2007 “Bankruptcy and Entrepreneurship: The Value of a Fresh
    Start,” The Journal of Law, Economics, & Organization   23:161-185.
    Armour, J. and S. Deakin
      2001 “Norms in private insolvency the London Approach to the resolution of financial distress,” Journal of Corporate Law Studies 1:21-51.
    Armour, J., B. Cheffins and D. A. Skeel, Jr.
      2002 “Corporate ownership structure and the evolution of bankruptcy law: lessons from the UK,” Vanderbilt Law Review 55:1699-1785.
    Berkowitz, J. and M. J. White
      2004 “Bankruptcy and Small Firms’ Access to Credit, ” RAND Journal of Economics 35(1):69-84.
    Chatterjee, S., U. S. Dhillon and G. G. Ramirez
      1996 “Resolution of financial distress: debt restructurings via Chapter 11, prepackaged bankruptcies, and workouts,” Financial Management 25(1):5-18.
    Gilson, S. C., K. John and L. H. P. Lang
      1990 “Troubled debt restructurings: An empirical study of   private reorganization of firms in default,” Journal of Financial Economics 27(2):315-353.
    Povel, P. and R. Singh
      2007 “Sale-Backs in Bankruptcy, ” The Journal of Law, Economics, & Organization 23(3):710-730.
    Yost, K.
      2002 “The Choice Among Traditional Chapter 11,Prepackaged Bankruptcy and Out-of-Court Restructuring,” Krannert Graduate School of Management, Purdue University working paper
    描述: 碩士
    國立政治大學
    財政研究所
    95255028
    96
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0095255028
    数据类型: thesis
    显示于类别:[財政學系] 學位論文

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