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Volume 22  |  June 2013  |  Issue 3

일본의 자본 구조, 채권자 구성 및 도산법

개요: This article identifies potential relationships between the methods by which large firms in the business sector are externally financed and creditors’ determinations to resolve business failure through private negotiation or formal insolvency proceedings.  Prior to the deregulation of Japan’s capital markets in the 1980s, large firms relied heavily on bank debt as a source of external capital.  Consequently, their capital structures and their creditor compositions were relatively homogenous.  Japanese banks appeared to primarily resolve the failure of their borrowers through private reorganizations or liquidations rather than court proceedings, and evidence suggests that creditor homogeneity was a favorable condition for the negotiated resolution of business failure.  Japan’s corporate insolvency laws were used relatively infrequently and suffered from procedural and substantive defects that likely discouraged their use. 

The deregulation of Japan’s capital markets in the 1980s enabled large firms to raise debt capital by issuing bonds, which over time resulted in the diversification of firm capital structures and creditor compositions.  This had significant consequences for the ability of creditors to negotiate the resolution of their borrowers’ business failure.  Japan’s long recession in the 1990s pushed many firms close to insolvency, yet it appears that changes in capital structure and creditor composition adversely affected the availability of negotiated resolution of business failure, and Japan’s insolvency laws remained problematic.  This article suggests that Japanese banks developed unusual and seemingly irrational lending strategies for distressed borrowers, given their inability to resolve business failure through private negotiations or formal insolvency proceedings.  At the turn of the century, the Japanese legal community spearheaded significant reforms of Japan’s insolvency laws, and a prolonged surge in filing rates indicates that creditors quickly seized upon legal reforms to force reorganization of distressed borrowers.  While this article’s findings are preliminary, it represents an agenda for further research on this topic. 

저자: 벤자민 티. 존스
22 Pac. Rim L. & Pol'y J. 505


흐린 날씨와 때때로의 햇빛: 소비자 대출, 입법부, 일본의 대법원 

저자: 신게노리 마츠이
22 Pac. Rim L. & Pol'y J. 555

abstract  


용기있는 행동을 하는 사람을 보호하고 보상하려는 광동 지방의 규제

번역가: 애나마리 씨. 라쓴과 멜로디 더블류 영
22 Pac. Rim L. & Pol'y J. 675

abstract  


용기있는 행동을 하는 사람을 보호하고 보상하려는 베이징 시의 규제 

번역가: 애나마리 씨. 라쓴과 멜로디 더블류 영
22 Pac. Rim L. & Pol'y J. 685

abstract  


펭유의 여파: 중국에 도움을 주는 행동을 복원하다 

저자: 멜로디 더블류 영
22 Pac. Rim L. & Pol'y J. 691

abstract  


멕시코가 놓친 불규칙적인 여성 이주자를 보호하려는 기회: 이민법 개혁에 대해 성별 렌즈를 적용하다 

저자: 엘리쓴 엘. 디밑 남

abstract  


호주의 유전자 특허: 게임 이론 접근

저자: 케잇 엠. 미드
22 Pac. Rim L. & Pol'y J. 751

abstract  


Volume 22  |  Vol. 22 No. 1  |  Issue 1

Last updated 4/30/2012