中文摘要
本文探讨破产法如何影响公司的财务决策，以及由此对企业动态产生的影响。根据现行美国法律，企业有两种破产选择：《破产法》第7章规定的清算和第11章规定的重整。利用Compustat数据，我们首先描述了未破产企业、依据第11章重整的企业和依据第7章清算的企业的资本结构与投资决策。随后，我们利用这些数据矩，估计了一个包含内生进入与退出、并纳入上述两种破产选择的一般均衡企业动态模型的参数。最后，我们评估了一项破产政策变更，该变更类似于美国破产协会（American Bankruptcy Institute）提出的一项建议，相当于让破产企业获得“重新开始”的机会。我们发现，法律变更可能对借贷成本和资本结构产生相当大的影响，这些变化通过选择机制影响生产率，并影响长期福利。
Abstract
Abstract In this article, we ask how bankruptcy law affects the financial decisions of corporations and its implications for firm dynamics. According to current U.S. law, firms have two bankruptcy options: Chapter 7 liquidation and Chapter 11 reorganization. Using Compustat data, we first document capital structure and investment decisions of non-bankrupt, Chapter 11, and Chapter 7 firms. Using those data moments, we then estimate parameters of a general equilibrium firm dynamics model with endogenous entry and exit to include both bankruptcy options. Finally, we evaluate a bankruptcy policy change similar to one recommended by the American Bankruptcy Institute that amounts to a “fresh start” for bankrupt firms. We find that changes to the law can have sizable consequences for borrowing costs and capital structure which via selection affects productivity, as well as long run welfare.