破产法:美国的经验与启示

美国破产法经过长期的发展,于1978年确立了现行的制度架构。美国《破产法》关于公司破产的内容,主要体现在第7章和第11章中,也就是其中有关清算程序和重组程序的规定中。分析的结果显示,破产法面临内在的矛盾或冲突,不能同时消除"存伪"和"去真"两种错误,也不能同时实现事前效率和正确的投资与申请破产决策。从破产法的实际操作来看,无论清算还是重组,都会造成一定的价值损失。中国还处在从计划经济向市场经济转轨的过程中,为了解决预算软约束问题,需要严格的破产法。这样的破产法将是债权人导向的或者说对债权人友好的,将更多地运用清算程序。

Bankruptcy Law in the United States:Experience and Enlightenment

As a result of gradual change, the established in 1978. In American bankruptcy law current institutional structure of American bankruptcy law was , chapter 7 Liquidation and chapter 11 Reorganization define fundamental procedures of corporate bankruptcy. Economic analysis demonstrates the inherent contradiction or tradeoff in bankruptcy law, by which we mean that bankruptcy law is unable to eliminate two types of error-- type Ⅰ error and type Ⅱ error--simultaneously, and it fails to achieve ex ante efficiency and correct decisions （investment and application decisions） at the same time. The practices of bankruptcy engender considerable loss in value both in liquidation and reorganization. As a transitional country, China demands a tough bankruptcy law to cope with the problem of soft budget constraint, which ought to be creditor-oriented or creditorfriendly by utilizing liquidation procedure more frequently.