摘要
运用事件研究法和会计研究法对中国上市公司破产程序选择的效率进行实证分析,发现被债权人申请破产的上市公司无一例外地选择重整或和解,但除了控制权完全转移及主业变更的破产公司即"借壳重整"效果较好外,其他重整方式效果并不理想。不具有重整能力滥用重整、重整效率本身低下、重整方案本身有问题是破产重整效果不理想的主要原因。
This paper analyses the efficiency of bankruptcy procedural choice by ways of event-study and accounting-study. The listed companies applied for bankruptcy by the creditors tend to reorganize and reconcile without exception. However, the result is unsatisfactory. All the reorganizing methods are not ideal except the complete-transfer-of-control-right-and-the-main-business-modification method （lending-the-hull method）. The main reasons include： no sufficient reorganizing capacity, low efficiency of reorganizing itself and the improper reorganizing scheme.
出处
《审计与经济研究》
北大核心
2007年第6期104-109,共6页
Journal of Audit & Economics
关键词
效率
累积超额收益率
控制权
借壳重整
efficiency
cumulative abnormal return rate
control right
reorganize by lending the hull
