Some analyses of designs for efficient bankruptcy proceedings based on empirical studies from the viewpoint of the microeconomics theory

本课题对日本破产法的修改所产生的效果进行了实证研究。破产程序的法律的制度包括破产程序中对债权人权利的各种限制规则。由于对这些规则的任何修改都会改变参与破产程序的人的动机，因此对法律的破产程序的立场也与制度修改前不同。在日本，最近对破产法进行了重大修订，即2000年4月实施了《民事复兴法》，2003年修订了《公司重组法》。《民事重整法》受《美国破产法》第11章程序的影响很大，旨在保证企业重组的有效性。使法律的制度对债务人更加有利有助于提高效率。例如，在DIP下，现有的管理团队可以是 ...更多信息 在公司价值未受到重大损害之前，通过破产程序对公司进行重整。本文试图分析民事赔偿法的出台所带来的这种影响。首先，分析了在申请法律的破产程序之前，通过关注异常经营业绩来提高效率的可能性。调查结果证实，在2000年4月实施《民事恢复法》之后，陷入财务困境的公司比实施该法之前更早地申请法律的破产程序。其次，运用事件研究法，研究了主要银行在申请法律的程序时的股价变化。事件研究的结果表明，破产法的修改和监管当局加强对银行的检查，至少使主要银行的效率得到了提高。第三，我们调查了银行作为财务困难企业的大贷款人的行为。分析结果表明，在主要债权银行向债务人提供的贷款额较高的情况下，债务人会将额外的财务损失风险转移给主要债权银行，从而以有利于债务人股东的方式达成债务减免协议。少

This project empirically investigated effects caused by revise of bankruptcy laws in Japan. The legal system for bankruptcy processing includes various rules that restrict the rights of creditors during the process of bankruptcy proceedings. Since any alterations to these rules would change the incentives for those involved in bankruptcy processing, the stance on legal bankruptcy procedures also differs to that before the system was amended. In Japan, recently, major revisions of bankruptcy laws were made, that is to say, the enforcement of the Civil Rehabilitation Law in April 2000 and the amendment of the Corporation Reorganization Law in 2003. The Civil Rehabilitation Law is strongly influenced by procedures in Chapter 11 of the US Bankruptcy Code, and is meant to guarantee the effectiveness of corporate reconstruction. Making the legal system more advantageous to debtors could contribute to improvements in efficiency. For example, under DIP, the existing management team could be al … More lowed to remain and could be given incentives to start the reconstruction of their companies through bankruptcy proceedings before the company's value is significantly damaged.This paper attempts an analysis on such effects caused by the introduction of the Civil Rehabilitation Law. Firstly, the possibility of the efficiency improvement is analyzed through focusing on abnormal operating performance before filing for legal bankruptcy proceedings. The results confirmed that, after the enforcement of the Civil Rehabilitation Law in April 2000, financially distressed firms file for legal bankruptcy proceedings earlier than before the enforcement of the law. Secondly, using the technique of an event study, we focused on the share price changes of main banks at the time when legal procedures were applied for. The results of the event study indicates that, at least, the main banks enjoyed the effects of improved efficiency caused by the revisions of bankruptcy laws together with more rigor bank inspections by the supervisory authority.Thirdly, we investigated banks' behavior as a large lender of financially distressed firms. The results of analysis indicates that in cases where the leading creditor bank's amount of loans to the debtor was high, a debt relief agreement would be reached in a way favorable to the shareholders of the debtor company with portions of risks against additional financial loss transferred from the debtor to its leading creditor bank. Less