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기업구조조정과 기업퇴출 : Corporate restructuring and corporate exits

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Authors

최도성; 강호정

Issue Date
2001-03
Publisher
서울대학교 경영연구소
Citation
경영논집, Vol.35 No.1, pp. 155-198
Keywords
corporate restructuringcorporate exitworkoutreorganization
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
URI
https://hdl.handle.net/10371/43358
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