新冠肺炎危机下的企业结构调整

IF 2.7 3区经济学 Q1 ECONOMICS

Brookings Papers on Economic Activity Pub Date : 2020-11-01 DOI:10.1353/eca.2020.0029

R. Greenwood, Benjamin Iverson, D. Thesmar

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引用次数: 44

摘要

摘要:2019冠状病毒病(COVID-19)大流行之后，金融和法律体系将需要应对商业部门财务困境的激增。一些公司将能够生存下来，而其他公司将面临破产，因此需要清算或重组。许多幸存下来的公司将需要缩减规模或被收购。在正常情况下，这种分类得到了法院系统、银行和金融市场的支持。本文的目标是评估即将到来的金融危机，列出当前环境下的挑战，并提供潜在的政策解决方案。总体而言，我们的分析表明，两个关键问题将是法院拥挤和小企业过度清算和破产。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Sizing Up Corporate Restructuring in the COVID-19 Crisis

ABSTRACT:In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many surviving firms will need to be downsized or acquired. In normal times, this triage is supported by the court system, banks, and financial markets. The goal of this paper is to size up the coming surge of financial distress, list the challenges it presents in the current environment, and offer potential policy solutions. Overall, our analysis suggests that the two key issues will be court congestion and excess liquidation and failure of small firms.

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来源期刊

Brookings Papers on Economic Activity ECONOMICS-

CiteScore

10.10

自引率

0.00%

发文量

期刊介绍： The Brookings Papers on Economic Activity (BPEA) is a semi-annual academic conference and journal that pairs rigorous research with real-time policy analysis to address the most urgent economic challenges of the day. Working drafts of the papers are presented and discussed at conferences typically held twice each year, and the final versions of the papers and comments along with summaries of the general discussions are published in the journal several months later. The views expressed by the authors, discussants and conference participants in BPEA are strictly those of the authors, discussants and conference participants, and not of the Brookings Institution. As an independent think tank, the Brookings Institution does not take institutional positions on any issue.