The Law And Economy Analysis Of The Reorganization Financing System

Along with the development and improvement of the marketing economy.Reorganization System has become the focus of the development of the law which fully embodies the change of the idea of the bankruptcy law from private selfish departmentalism to socialselfish departmentalism.The basic target of the Reorganization System is to promote the recovery of the corporate. In order to achieve the objective financing is the most important and inevitable choose during the corporate reorganization.However,due to the bankruptcy law is still in the preliminary stage,the regulations relating to Financing System in this law are so abstract and far from practice. Because the lack of the law, the corporate do not know how to deal with the problems coming from the financing, and the interests of the stakeholders can not be well protected, and the assets of the corporate can not be well allocated. Therefore, this thesis uses the achievement of the existing theoretical research for reference, and draws on the experience of the United States,Japan,France and other developed countries in order to put forward a proposal from the view of the law and economics.â… hope my research can do some good to the legislation of our country's Reorganization System.This thesis includes three parts: Introducing,Body and Conclusion. Among which the Body part is composed four chapters.Chapter one is the summary of Reorganization System. First, the author briefly introduces some different definitions about Reorganization System and put forward a definition fitting the situations in our country on the basis of the common characteristics of those different definitions. Then,the author introduces the value orientation of the Reorganization and its developing process. Through the analysis of the value,the author concludes the sense of the implementation of the Reorganization System which attempts to raise the theoretical premise of the law and economics study on Reorganization Financing.Chapter two is divided into two parts giving a more detailed description of the Reorganization Financing. In part one, the author introduces the concept and the characteristics of Reorganization Financing. The concept of the Financing in this thesis only refers to DIP financing. Although the Reorganization Financing also belongs to Financing System, it has some special characteristics because it is in the procedures of Reorganization.The author focuses on the analysis and summarization of the Financing System from four aspects:the premise,the subject,the period and legal consequences. In part two the author gives an introduce of the most commonly used forms of financing including loan, asset transfer and capital restructuring.The author makes a feasibility analysis of every approach.Chapter three is about the law and economy analysis of Reorganization Financing System. In this chapter the author introduces the cost-benefit analysis into the analysis of the Reorganization Financing. The implementation of any system will have costs and benefits, and the cost-benefit analysis can help legislators make more efficient laws. There will be many conflicts of interest which is the most important old and new conflicts between creditors. In this chapter the author gives a detailed analysis of the conflict and puts forward the corresponding balance methods.Chapter four, after the introducing of our country's legislation about Reorganization Financing the author finds some problems in our law and proposes some corresponding recommendations.