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Game Of Listed Companies In Bankruptcy Reorganization

Posted on:2012-03-07Degree:MasterType:Thesis
Country:ChinaCandidate:H C YueFull Text:PDF
GTID:2206330335958130Subject:Law and economy
Abstract/Summary:PDF Full Text Request
The , which came into force on June 1, 2007, formally introduced bankruptcy reorganization system. As one of the three systems of bankruptcy law, the bankruptcy reorganization system is of great significance to bankrupt enterprises, especially to the listed companies.However, during the past four years'enforcement of this system, some problems also emerge, such as the excessive intervention of the government, the unreasonable distribution of the reorganization risks, the weak protection of creditors'rights, and the abuse of power of the administrators and courts, etc. What's the real reason that causes these problems? Is current law reasonable? How to analyze the rationality of current system? Which measures should be taken? This paper aims to answer these questions.This paper is divided into five chapters; the first chapter introduces a typical case of the reorganization of a listed company and the basic information of current system of reorganization. Some problems and the features of the bankruptcy reorganization would be concluded from this case. The first chapter is the foundation of the subsequent analysis.The second chapter analyzed the game elements of the reorganization system. Such as the parties, the content and the process of the reorganization. From the perspective of the game theory, the process of formulating and approval of the reorganization plan can be treated as a dynamic game between creditors and debtors. The mainly content of this game concentrates on the distribution of the reorganization benefits.The third chapter analyzes the process of formulating and approval of reorganization plan where the enterprise is in debtors'possession. Based on the analysis of the first chapter, the formulating and approval of reorganization plan can be transferred to a dynamic game process. The conclusions are as follows: the game results affects the creditors' behaviors, current law gives the debtors and creditors different status and the asymmetry information affects the result of the game.The fourth chapter analyzes the reorganization in administrator mode. Based on the particularity of this mode, the chapter mainly analyzes the dynamic game between the creditors and the administrator and whether creditors and debtors will exert negative influence on the administrator. The main conclusion of this chapter is that the administrator tends to seek personal interests and both the creditor and the debtor tend to exert negative effects on the administrator.The fifth chapter gives some measures to improve the problems mentioned above. First, strengthen the debtors'duty and responsibility. Second, strengthen the creditors' rights to protect their interests. Third, improve the administrator related system. Fourth, improve the procedures and conditions of the courts'compulsory approval. Fifth, reshape the status and functions of government. Sixth, establish an effective delisting mechanism. The final part of this paper makes a conclusion, which further emphases the measures our country should adopt.
Keywords/Search Tags:Bankruptcy reorganization system, Reorganization plan, Game theory analysis, Improvement measures
PDF Full Text Request
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