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기업구조조정과 기업퇴출 : Corporate restructuring and corporate exits
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 최도성 | - |
dc.contributor.author | 강호정 | - |
dc.date.accessioned | 2010-01-25T04:51:36Z | - |
dc.date.available | 2010-01-25T04:51:36Z | - |
dc.date.issued | 2001-03 | - |
dc.identifier.citation | 경영논집, Vol.35 No.1, pp. 155-198 | - |
dc.identifier.issn | 1229-0491 | - |
dc.identifier.uri | https://hdl.handle.net/10371/43358 | - |
dc.description | 2001-03 | - |
dc.description.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. | - |
dc.language.iso | ko | - |
dc.publisher | 서울대학교 경영연구소 | - |
dc.subject | corporate restructuring | - |
dc.subject | corporate exit | - |
dc.subject | workout | - |
dc.subject | reorganization | - |
dc.title | 기업구조조정과 기업퇴출 | - |
dc.title.alternative | Corporate restructuring and corporate exits | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | Choi, Dosoung | - |
dc.contributor.AlternativeAuthor | Kang, Ho Jung | - |
dc.citation.journaltitle | 경영논집 | - |
dc.citation.endpage | 198 | - |
dc.citation.number | 1 | - |
dc.citation.pages | 155-198 | - |
dc.citation.startpage | 155 | - |
dc.citation.volume | 35 | - |
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