破产法第363条:销售:选择和后果

IF 0.9 Q3 BUSINESS, FINANCE

Quarterly Journal of Finance Pub Date : 2012-12-01 DOI:10.1142/S2010139212500164

Dror Parnes

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引用次数: 0

摘要

我们将363条款出售与传统的第11章重组路径进行对比，发现在金融机构中，债权人协调问题较高的指标倾向于第11章重组路径，而更大的盈利能力、可用现金、股东与债权人之间的信息不对称和潜在增长率支持363条款出售的选择。在非金融企业中，较高的债权人协调问题和可用现金指标有利于第11章的路径，而较高的盈利能力、流动性和信息不对称指标支持363销售路径。我们进一步发现，破产条款363销售显示出较低的直接费用，并且在最终出现之前持续的时间明显少于正式的第11章。

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Bankruptcy Section 363 Sales: Choices and Consequences

We contrast bankruptcy Section 363 Sales with the traditional path of Chapter 11 reorganization and find that among financial institutions, higher measures of creditors' coordination problems favor the Chapter 11 path, while greater profitability, available cash, asymmetric information between shareholders and creditors, and potential growth rate support the choice of 363 Sales. Among the non-financial firms, higher measures of creditors' coordination problem and available cash favor the course of Chapter 11, while greater profitability, liquidity, and asymmetric information support the path of 363 Sales. We further detect that bankruptcy Section 363 Sales exhibits lower direct fees, and it lasts significantly less time than formal Chapter 11 before the final emergence.

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来源期刊

Quarterly Journal of Finance BUSINESS, FINANCE-

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The Quarterly Journal of Finance publishes high-quality papers in all areas of finance, including corporate finance, asset pricing, financial econometrics, international finance, macro-finance, behavioral finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments and entrepreneurial finance.