對企業(yè)債務(wù)結(jié)構(gòu)和破產(chǎn)設(shè)計【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：TheDesignofCpateDebtStructureBankruptcyBankruptcylawregulatestheinteractionbetweendebtscreditswhendebtsdefaultthepartiescannotwkouttheirdifferencesoutsidethecourts.Thelawaddressestwomaintypesofconflic

2、ts:conflictsbetweenadebthercreditsconflictsamongcreditsthemselves.Empiricallythislattertypeofconflictisthemajsourceofcomplexityinmodernbankruptcylawhastherefegivenrisetoasubstantialliteraturemuchofwhichinlaw.Thisliteratu

3、retypicallytakesanexpostperspective:howtostoutclaimsoncethefirmisbankruptgiventhecontractuallegalarrangementsinplace.Butthewayexpostconflictsareresolvedalsoinfluencestheinitialfinancingvaluationofthefirmwhichsuggeststhat

4、thetwoproblemsshouldbeanalyzedjointly.Infacttheproblemofbankruptcyismostinterestingwhenposedinanexanteframewkasitraiseswhatseemslikeaparadox:ifbankruptcywithmultiplecreditsissocomplexwhywouldafirmcontractwithseveralcredi

5、tsinthefirstplacePutdifferently:ifconflictsofinterestmustberesolvedexpostanyhowtheseresolutionsarecostlywhycreatethemhowstructurethemexanteWeattempttoanswerthesequestionsinanoptimalcontractingapproachtocpatedebtbankruptc

6、y.Thepaperanalyzesafirm’schoiceofdebtstructureitseffectonincentivesfstrategicdefault.Westartfromtheobservationthatmultiplecreditsmakecontractrenegotiationsmedifficultemphasizea)theexpostconflictsamongmultiplecreditsb)the

7、designofindividualclaimstheirimpactontheseconflictsc)theroleofbankruptcyrulesinresolvingsuchconflictsfromanexanteperspective.Inourmodelhavingmultiplecreditsgivesrisetopotentialexpostinefficiencywhichstemsfromfrictionsinm

8、ultilateralconflictresolution.Thisinrenegotiation.Howeverwhenafirmbrowsfrommethanonecredititcanincreaseitsdebtcapacitybypledgingitsassetbasetomethanonecreditbygivingeachtherighttofecloseindividually.Ifthedebtstructureoft

9、hefirmisdesignedappropriatelythiscreatesacommitmentfthefirmtopayoutmeingoodstatestopreventtheexerciseofindividualfeclosurerightsthusraisesthefirm’sdebtcapacity.Havingmultiplecreditsthushelpstoreducethenegativeeffectsofth

10、elackofcommitmentincontractingbydistinguishingbetweenindividualfeclosurerightsjointliquidationrightsachievedunderbankruptcy.Ourtheyprovidesabridgebetweencpatefinancethelegaltheyofdebtcreditlaw.Thekeydistinctionindebtcred

11、itlawinmostjurisdictionsisthatbetweendebtcollectionlawbankruptcylaw.Thefmergovernstheinteractionbetweenthedebtasinglecreditthelattertheinteractionbetweenthedebtseveralcredits.Ouranalysisshowshowthissamedistinctioncanbema

12、deinacontracttheeticapproachtodebt.Individualfeclosurerights(crespondingtodebtcollectionlaw)arecrucialtogeneraterepaymentincentivesbutneedtobecomplementedbycollectiveliquidiationrights(crespondingtobankruptcylaw)indertom

13、aximizeexpostefficiency.Ourresultsondebtstructureoverleverageundermultiplecreditsdependonthefactthatcreditshaveunilateralfeclosurerightsthattheycanexerciseincaseofdefaultindependentlyofwhatothercreditsdecide.Theserightss

14、houldbeseenasanimptantelementofinvestprotection.Therenegotiationproceduremodeledinthispaperemphasisestheeffectoftheserightssincerenegotiationisassumedtohappenonanindividualbasis.Theensuingnoncooperativegamebetweencredits

15、fcesthedebttorespectcontractualclaimsasgivenbyindividualfeclosurerightswheneverhewantstoavoiddefault.Thekeyassumptioninthisapproachisthatitisdifficultcostlytobringthecreditstogethertorenegotiatethedebtcontractcollectivel

16、y.Onlybankruptcybringsallthecontractingpartiestogetheratonetablebutinbankruptcythedebthasgivenuphisresidualownershiprightstheprocedureismostlyconcernedwiththereconciliationofindividualliquidationclaims.Thisistheclassical