论公司非破产清算中对债权人的保护

公司非破产清算制度与破产清算制度相对应而存在。新的破产法对我国的破产清算制度进行了较为完善的规定,而对于我国公司的非破产清算制度,相关的法律规定却显得过于简单和粗糙。由于我国公司终止运行的方式很不规范,存在着大量因解散或者被吊销营业执照、被有关主管机关责令关闭的公司,它们大多不依法进行清算,有的甚至恶意逃避债务,致使公司债权人的利益得不到有力的保护。因此,在公司非破产清算制度中,我们应当确定有利于公司债权人的制度,以完善我国非破产清算中的公司债权人保护制度。     

做好破产企业清算审计 维护债权人的合法权益

建立和完善社会主义市场经济体制，就要把企业推向市场，让企业在市场中竞争。有竞争，就会出现优胜劣汰，企业破产正是市场经济规律作用的必然结果。目前，随着各地企业改制的大规模展开，部分企业借改制之机宣布破产以逃避债务，债权人的合法权益能否得到保障亟需关注。按破产清算程序，债权人的清偿在清算费用、支付企业职工欠付款项之后的第三顺序，     

破产审判改革、债权人司法保护与企业创新——基于清算与破产审判庭设立的准自然实验

基于我国设立清算与破产审判庭的准自然实验,本文考察了破产审判专业化改革对企业创新的影响。研究发现：改革后,当地企业的创新投入显著增加,且这一效应主要存在于司法专业化水平较低的地区和债权人约束更强的企业中。此外,本文发现,改革提高了当地破产案件的审判质效,能够通过更好地保障债权人利益来提高其失败容忍度。具体而言,改革加快了当地上市公司破产重整案件的审理速度,且当地企业的信用债发行利率显著下降。进一步的研究发现,改革能够破除企业破产阻碍和缓解僵尸企业的创新挤出效应。本文的发现表明完善的破产制度能够为债权人提供司法保护并提高资源配置效率,这不仅丰富了司法微观作用相关文献,也从法治营商环境角度为推进供给侧结构性改革和建设创新型国家提供有益启发。     

破产重整制度与债权人利益平衡

一、引言2001年美国上市公司的破产数量创下了新的历史纪录,共有257家上市公司宣布破产,与2000年的176家相比,增加幅度竟达46%。更惊人的是,美国最大的15家上市公司中,有5家宣布破产。除安然公司外,还有即时成像技术先驱宝丽莱公司、美国钢铁大王伯利恒钢铁公司、太平洋煤气电力公司、美国环球航空公司等。2009年4月30日,陷入困境的美国第三大汽车厂商克莱斯     

美国的自愿披露研究

2001年1月29日,美国财务会计准则委员会(FASB)旗下的“业务呈报研究项目组”(BRRP)发表了一份题为“改进企业报告:透视日益增加的自愿披露”的报告。该报告分析了美国许多大的上市公司日益增加的自愿披露现象。BRRP选取了8个行业的多家上市公司作为样本,总结了自愿披露的种类、框架以及自愿披露的成本和效益,还对未来的业务报告进行了展望。众所周知,美国拥有全球最发达的证券市场,加强对上市公司的信息监管、提高上市公司信息的透明度,一直是美国证券交易委员会(SEC)追求的目标。上市公司需要按照SEC及FASB的要求作出及时、准确、…     

民企破产重整如何保护债权人利益?

企业破产管理涉及债权人、债务人、股东、社会关系等各方利益,在各方诉求中既包括同一性,也体现其矛盾性.司法的主动介入、第三方管理人的主导就是要在破产重整中寻求利益平衡点,更有效的负债企业走出困境.     

论置后清偿原则对破产债权人利益保护的法律规制

置后清偿原则是美国法官在审理子公司破产案件中时,对母公司的债权于特定情况下进行劣后处理的法律制度。置后清偿原则充分考虑到控制公司债权的特殊性,规定了债权平等原则的例外,可以有效地防止控制股东在破产程序中滥用控制权侵害债权人的利益,具有一定的理论价值和现实意义,我国的法律体系应考虑引入置后清偿原则。     

留意美国买方破产信号

在美国次贷危机浮出水面的时候,美国企业的破产案正有逐步上升趋势,如何利用买方的公开信息,解读买方的破产信号,并且做到及时的主动风险防范,成为中国出口企业的重要课题。且看中国信保专业人士分析     

破产清算的税务处理

PREFACE/前言税务处理,是破产清算中一项政策性很强的工作。注册会计师、律师及其事务所,接受法院指定担任破产管理人,或者受管理人委托担任破产案件的清算顾问或法律顾问,将会对破产清算中税收的依法处理起关键作用,或者对税收处理提供具有相当权威性的咨询意见。本文以企业破产法和税法的一系列规范,讨论研究破产清算中欠缴税款、附加及基金的申报和确认、税收滞纳金和罚款的处理以及破产财产变价及其他业务应缴税款的相应处理。     

新司法解释下的破产申请注意事项

《中华人民共和国企业破产法》自2007年6月1日施行以来,各地法院受理破产案件数量不但没有增加,反而下降。《企业破产法》的空转导致许多企业未能依法定程序退出市场。2011年8月29日,《最高人民法院关于适用〈中华人民共和国企业破产法〉若干问题的规定(一)》(简称"破产法司法解释一")由最高人民法院审判委员会第1527次会议通过,自2011年     

Deleveraging Corporate America: Job and Business Recovery Through Debt Restructuring

When the Great Recession roiled capital and labor markets in early 2009, up to a third of U.S. public corporations, and nearly 60% of privately owned companies, reported high levels of financial distress resulting from frozen credit markets. And the problems of “debt overhang” and corporate underinvestment were clearly in evidence as the combination of default risk and a relatively new provision of the tax code restricted the ability of distressed companies to deleverage their capital structures. But as described in this article, at least 110 U.S. companies used a little known provision in the American Recovery and Reinvestment Act of 2009 to defer taxes on the cancellation of debt income (CODI) resulting from exchanges or repurchases of significant amounts of debt. This suspension of tax policy gave many distressed U.S. companies the flexibility to cut costs, shore up balance sheets, and boost liquidity, thereby keeping themselves in business and their workers employed throughout the economic crisis. The 110 companies examined either repurchased or exchanged a total of $32.5 billion of corporate debt. The deleveraging of these companies, which represented more than $2.2 trillion in total assets and $520 billion in market capitalization, helped them to remain solvent throughout the downturn and retain their collective 2.2 million employees. The resulting tax savings are estimated to have saved (or in some cases created) almost 90,000 jobs, while contributing $3.2 billion to total corporate earnings and $10.7 billion of output to the national gross domestic product. Although this approach could be criticized as adding to the federal budget deficit, the deferral of taxes on CODI is viewed as a targeted financial policy tool aimed directly at boosting the productive capacity and employment of corporate enterprises.     

Firms’ performance under different bankruptcy systems: a Europe–USA empirical analysis

This study empirically analyses the effect that the bankruptcy law has on firms’ performance based on its financial situation. To do this, we considered the different types of efficiency and their influence on firms’ value. The study was carried out for Germany, Spain, the United States, France and the United Kingdom. We applied System‐GMM estimation to dynamic panel data. The main results show that under creditor‐oriented systems, there is a decrease in the value of both financially distressed firms and those filing for bankruptcy.     

Sovereign Debt: A Primer

The troublesome debts of a number of developing countries havespawned a large literature on why countries borrow, on the extentto which debt contributes to growth, on why countries repay,and on how debt problems should be handled. This article providesa basic introduction to some issues in sovereign debt. First,it presents the basic accounting concepts associated with debt.Second, it treats debt as a component of the intertemporal maximizationof a borrower in a competitive loan market facing an intertemporalbudget constraint. Third, it introduces debt into recent modelsof endogenous growth and examines what these models imply aboutthe relationship between debt and growth. Fourth, it discussesissues arising from sovereign risk. Fifth, it examines incentivesto repay. Sixth, it reviews the various options available toa creditor facing a debtor unwilling to meet current debt serviceobligations. Seventh, it examines debt buybacks.     

中国第一破产案:广东国投破产案

今年2月,广东省高级人民法院宣布,号称“中国第一破产案”的广东国际信托投资公司破产案终结破产程序。“广东国投”破产案涉及十个中国第一;财产标的第一;涉外债权第一;单笔破产财产拍卖价的最高纪录;首设债权人主席委员会;第一个聘请境外中介机构;第一例全国法院予以配合支持审理的破产案件;第一例中国法院关于破产的裁定在境外得到承认的破产案等等,它留给我们许多思考和启示。请看     

政府负债会计的会计政策选择原则论析——以美国联邦政府为例

政府负债是政府部门以各种信用形式筹集资金,缓解财政支出压力,顺利履行各类政府职能的重要手段,也是引发财政危机,威胁一国财政安全的主要因素.加强对政府负债的管理,控制财政风险,高质量的政府负债会计与财务报告信息是重要的前提保证.因此,完善政府负债的会计核算始终是推动各国政府会计变革的重要动因,其中,对负债计量、确认等会计政策的选择则成为当前政府会计实践关注的焦点,本文以美国联邦政府为例,对政府负债会计的会计政策选择及其原则进行了分析,以提供借鉴.     

A Theory of Debt Maturity: The Long and Short of Debt Overhang

Debt maturity influences debt overhang, the reduced incentive for highly levered borrowers to make real investments because some value accrues to debt. Reducing maturity can increase or decrease overhang even when shorter term debt's value depends less on firm value. Future overhang is more volatile for shorter term debt, making future investment incentives volatile and influencing immediate investment incentives. With immediate investment, shorter term debt typically imposes lower overhang; longer term debt can impose less if asset volatility is higher in bad times. For future investments, reduced correlation between assets‐in‐place and investment opportunities increases the shorter term debt overhang.     

Debt and taxes: A multiperiod investigation

This paper extends the Miller bond market equilibrium analysis to a multiperiod setting. From the model developed we derive several predictions relating optimal financial leverage to firm characteristics and to the business cycle. The analysis also reveals some interesting determinants of the market value of the tax subsidy associated with corporate debt.     

A horse race of models and estimation methods for predicting bankruptcy

We use a comprehensive set of performance metrics to analyze the improvement in the classification power and prediction accuracy of various bankruptcy prediction models after adding governance variables and/or varying the estimation method used. In a sample covering bankruptcies of U.S. public firms in the period 2000 to 2015, we find that the addition of governance variables significantly improves the performance of all bankruptcy prediction models. We also find that the additional explanatory power provided by governance measures improves the further the firm is from bankruptcy, which suggests that governance variables may provide earlier and more accurate warning of the firm's bankruptcy potential. Our findings show that the performance of any bankruptcy prediction model is significantly affected by the estimation method used. We find that regardless of the bankruptcy model, hazard analysis provides the best classification and out-of-sample forecast accuracy among the parametric methods. Furthermore, non-parametric methods such as neural networks, data envelopment analysis or classification and regression trees appear to provide comparable and sometimes superior classification accuracy to hazard analysis. Lastly, we use the dynamic panel generalized methods of moments model to address concerns raised in prior studies about the susceptibility of similar studies to endogeneity issues and find that our findings continue to hold.