QUANTITATIVE RESEARCH FOR NEGOTIATIONS FOR THE REPAYMENT OF BAD DEBT

这项研究的目的是调查违约债券和那些勉强逃脱违约的债券在债务偿还谈判结果方面的差异。在战前违约的债券中，铁路行业被选为详细调查对象。研究结果表明：(1)总体而言，违约公司的财务状况比非违约公司差。(2)然而，在某些情况下，违约公司和非违约公司之间的财务差异几乎可以忽略不计。(3)有一些因素可能会影响谈判。该等贷款包括(I)债券以外的贷款、(Ii)未缴资本、(Iii)减资。

The purpose of this study was to investigate the differences between the defaulted bonds and those of the narrowly escaped from default with respect to the results of the negotiation for the settlements of the debt repayment. Among the pre-war defaulted bonds, the railway industry was chosen for detailed investigation. The following results were obtained.(1) In general the defaulted companies are financially worse than the non-defaulted companies.(2) However, in some cases, the financial difference between the defaulted and the non-defaulted is almost negligible.(3) There are some factors which might have influenced the negotiation. Those are (i)loans other than bonds,(ii)unpaid capital,(iii)capital reduction.