摘要
文章采用动态的观点,通过对一个陷入困境的企业各时点可能出现的状况进行分析,用数学模型说明债权人应该采取的积极策略。公司的生存能力与许多不确定性因素相关,在公司不能按时偿付债务违约之后,债权人不应急于作出破产清算的决定,最好的策略应该是延长债务期限,以便于了解公司更多的信息,等待时机做出最佳选择。文章也为很多公司在债务重组后业绩仍然较差或者债务较多提供了解释。
This paper puts forward a model about what strategy the creditor should take through analyzing the possibilities of a firm getting in hot water by applying dynamic view. In fact, there are a lot of uncertainties correlating with the firm＇ s viability. Therefore, the creditor should not liquidate the firm immediately after the defaults, the best strategy for creditor is to extend the maturity and learn more information about the firm so as to make the best choice. This paper also provides explanation for the firm remaining highly leveraged or continuing to perform poorly after the debt restructure.
出处
《改革与战略》
北大核心
2009年第5期162-166,共5页
Reformation & Strategy
基金
河北省社会科学基金项目(项目编号:HB08BYJ018)的阶段性研究成果
关键词
破产
重组
债权人
策略选择
bankruptcy
restructure
creditor
strategy selecting
