Publications
Detailed Information
기업구조조정과 기업퇴출 : Corporate restructuring and corporate exits
Cited 0 time in
Web of Science
Cited 0 time in Scopus
- Authors
- Issue Date
- 2001-03
- Publisher
- 서울대학교 경영연구소
- Citation
- 경영논집, Vol.35 No.1, pp. 155-198
- Keywords
- corporate restructuring ; corporate exit ; workout ; reorganization
- Description
- 2001-03
- Abstract
- When a firm is under financial distress, it is optimal and efficient that the firm which is
viable, i.e., the going concern value is higher than the liquidation value, should be
restructured via asset restructuring and/or debt restructuring and the firm which is not viable
should be liquidated immediately. Corporate restructuring takes place via a private workout
or legal corporate reorganization. This study reviews comprehensively the literature on
corporate restructuring, examines the efficiency of private workouts and corporate
reorganizations, and criticizes the inefficiencies of corporate exit practices. Corporate exits,
such as private workouts and legal reorganizations, are an alternative means of corporate
restructuring. However, legal and conventional impediments delay the corporate exit
procedure, thus delaying the progress of corporate restructuing. The major impediments of
efficient exit are informational asymmetry, struggles between classes of claimholders,
inefficient asset markets, and underdeveloped legal and institutional practices of corporate
exits. We claim that all the laws and regulations that pertain to corporate reorganization
should be integrated so that consistentcy and principles are maintained in the process of
corporate exit and reorganization. Further, the viability of a financially distressed firm should be evaluated with the most conservative standards so that only viable firms can be revived and
nonviable firms are removed, thus allowing efficient separation and enhancing the efficacy of
the corporate exit laws and regulation.
- ISSN
- 1229-0491
- Language
- Korean
- Files in This Item:
Item View & Download Count
Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.