中文摘要
我们估计与企业破产相关的、由客户流失所导致的间接成本。在激励性实验中,随机告知消费者某企业正在进行第11章重组,使其对该企业产品的支付意愿下降17%至28%。消费者担心破产可能降低产品质量,或使其无法在未来与破产企业进行交易。平均而言,38%的消费者知晓重大破产事件。我们利用实验估计一个结构模型,结果表明这些破产间接成本相当于企业价值的12%至15%。我们进一步表明,这些成本不太可能在破产发生之前出现。
Abstract
ABSTRACT We estimate the indirect costs of corporate bankruptcy associated with lost customers. In incentivized experiments, randomly informing consumers about a firm's Chapter 11 reorganization lowers their willingness to pay for the firm's products by 17% to 28%. Consumers worry that bankruptcy could reduce product quality or prevent future interactions with the bankrupt firm. On average, 38% of consumers are aware of major bankruptcies. Using our experiments to estimate a structural model, we show that these indirect costs of bankruptcy amount to 12% to 15% of a firm's value. We show that these costs are unlikely to arise before bankruptcy.