Bankruptcy Spillovers
Bankruptcy Spillovers
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破产溢出效应
DOI：
10.2139/ssrn.2921971
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
Benjamin Iverson
中科院分区：
文献类型：
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作者：
Shai Bernstein;Emanuele Colonnelli;Xavier Giroud;Benjamin Iverson
不同的破产方式对当地经济有何影响？我们利用企业层面的美国人口普查微观数据，探讨重组和清算对地理位置邻近的公司的溢出效应。我们利用破产法官的随机分配作为清算概率的外生变化的来源。我们发现，在五年内，与重组机构相比，清算机构附近的就业率大幅下降。下降的主要原因是现有机构增长放缓，以及较小程度上进入该地区的减少。溢出效应高度局部化，集中在非贸易和服务部门，特别是当破产公司在同一部门经营时。这些结果表明，清算导致当地消费者流量的减少以及企业之间知识溢出的减少。证据与清算导致创造性破坏的观点不一致，因为破产企业的清除不会导致进入的增加或该地区的振兴。
How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata at the establishment level, we explore the spillover effects of reorganization and liquidation on geographically proximate firms. We exploit the random assignment of bankruptcy judges as a source of exogenous variation in the probability of liquidation. We find that within a five-year period, employment declines substantially in the immediate neighborhood of the liquidated establishments, relative to reorganized establishments. Most of the decline is due to lower growth of existing establishments and, to a lesser extent, reduced entry into the area. The spillover effects are highly localized and concentrate in the non-tradable and service sectors, particularly when the bankrupt firm operates in the same sector. These results suggest that liquidation leads to a reduction in consumer traffic to the local area and to a decline in knowledge spillovers between firms. The evidence is inconsistent with the notion that liquidation leads to creative destruction, as the removal of bankrupt businesses does not lead to increased entry nor the revitalization of the area.